Saudi firm buys up CG Power assets from liquidator
Saudi Arabia’s Electrical Industries Company has agreed to buy some of CG Power Belgium’s transformer and substation-related assets from its liquidator for about €5 million.
The assets include machinery, equipment, inventory and software for designing transformers and mobile substations, the Dammam-based company said in a stock exchange filing on Sunday.
It also revealed it was in the final process of establishing a unit in Belgium to hold the newly acquired assets.
Electrical Industries Company (EIC) is a holding company that provides electrical products and services in Saudi Arabia and the Middle East.
It owns Saudi Transformers Co, popularly known as STC and Wahah Electric Supply Company of Saudi Arabia, also known as WESCOSA.
Source: Arab News
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