Riyadh – Mubasher: The Board of Directors of Electrical Industries Company (EIC) agreed to enter into negotiation to conclude a purchase agreement with the Liquidator in Belgium to buy the assets of CG Power Belgium (under liquidation), a leading company in the field of designing and manufacturing electrical Transformers.
The assets include machinery, equipment, inventory, soft wares, and intellectual property rights, according to a bourse statement on Monday.
The board further approved to set up a limited liability company in Belgium to transfer the assets that will be purchased.
These decisions are in tandem with EIC’s plan to transfer the technology to its factories in Saudi Arabia.
