Electrical Industries Co. announces the expansion project of Saudi Power Transformers Co. Factory to manufacture Extra High Voltage Transformers and Reactors.

Electrical Industries Co. announces the expansion project of Saudi Power Transformers Co. Factory to manufacture Extra High Voltage Transformers and Reactors.



Element List

Explanation

Introduction

Electrical Industries Co. is pleased to announce to its shareholders the approval of the Board of Directors in its meeting held on 15th of May 2024, the expansion project of Saudi Power Transformers Co. Factory (a subsidiary Company owned 100% by EIC) to manufacture Extra high voltage transformers and reactors 380 K.V. The project also includes increasing the current capacity of high voltage transformers.

Date of Board Resolution in Regard to the Project

2024-05-15 Corresponding to 1445-11-07

Project Start Date

The construction work of the project is expected to start in the second half of 2024.

Project Cost

The estimated cost of the project amounts to SAR 192 million

Financing method for the project

The project will be funded from cash available at the company, bank facilities and other finance programs.

Expected completion date of the project

The construction work of the project is expected to be completed in the fourth quarter of 2026.

Expected Financial Impact of the Project on the Company’s Results

It is expected that the project will have an impact on the financial results of the