Bawan to set up new electrical service company with SAR 8 mln capital

Saudi-based Bawan will set up a new electrical company specializing in transformational industries with a capital of eight million riyals, a filing to Tadawul said.
 

The new firm will be 95 percent owned by Bawan Engineering Industries and the remaining percentage will be held by Bawan Metal Industries.

The company said its board approved the move on Thursday and a set of licenses remain to be secured to start the business.

Bawan said the move was part of its expansion plan and that no financial impact can be anticipated immediately.