Bawan subsidiary signs SAR 82.4 mln agreement with Saudi Electricity for supplying transformers

26/11/2020 Argaam

Bawan Co.’s 85.5%-owned subsidiary United Transformers Electric Company signed today, Nov. 26, 2020, a SAR 82.4 million agreement with Saudi Electricity Co. to supply electrical distribution transformers.

 

The contract duration is until March 31, 2022, the company said in a bourse filing.

 

The company expects that the agreement will have a positive financial impact on its results during FY 2021 and Q1 2022.

 

The agreement is optional for SEC and is binding on the United Transformers Electric Co.

 

There are no related parties.

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