Bawan subsidiary signs SAR 115 mln supply contract with SEC

16/11/2020 Argaam

Bawan Co. said its 85.5%-owned subsidiary United Technology of Electric Substations and Switchgears Co. signed a contract with Saudi Electricity Co. (SEC) to supply electrical unit substations to the utility provider.

 

The contract valued at SAR 115 million was signed on Sunday, Nov. 15, with duration until March 31, 2022, Bawan said in a statement to Tadawul.

 

Bawan expects that the agreement will have a positive financial impact on its results during financial year 2021 and the first quarter of 2022.

 

The agreement is optional for SEC and binding on the United Technology of Electric Substation and Switchgears Co.

 

There are no related parties, the statement said.

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