‎Electrical Industries unit signs SAR 20.6 mln with related party

‎Electrical Industries unit signs SAR 20.6 mln with related party

Electrical Industries Co. (EIC) stated that its subsidiary, Saudi Power Transformers Company Ltd. (SPTC), signed on Aug. 20 a contract with Al Toukhi Company for Industry, Trading & Contracting (a related party) to design, manufacture and supply transformers.

According to a statement on Tadawul, the 12-month contract is valued at SAR 20.6 million (including VAT).

The contract is expected to have a positive impact on the company's financial results for 2024.

The statement noted that Al Toukhi’s Vice Chairman, Mahmoud Al Toukhi, has indirect interest, affirming the contract was within the normal course of business and did not grant any preferential benefits.