‎Al-Babtain subsidiary signs 2 contracts for SAR 195 mln to supply galvanized steel towers

‎Al-Babtain subsidiary signs 2 contracts for SAR 195 mln to supply galvanized steel towers

Al-Babtain Power and Communications Co.’s subsidiary, Al-Babtain Power & Telecom Egypt (ABPTE), signed a $28 million (SAR 105 million) contract with Giza Cable Industries on Oct. 4.

In a statement to Tadawul, the company said the contract is to supply 500 kilovolt (KV) galvanized steel towers for electrical interconnection project between Egypt and Saudi Arabia.

The 12-month contract is expected to show positively on Q3 2023 financial results, the statement noted, adding that there are no related parties.

In a separate statement, Al-Babtain said ABPTE signed another contract, valued at $24 million (SAR 90 million) with Elsewedy Electric T&D on Oct. 4.

The contract is for the supply of 400 KV galvanized steel towers for a project involving three lines for the transmission of electric power in Morocco.

The 12-month contract is expected to reflect positively on Q2 2023 financial results, the statement noted, adding that there are no related parties.