Electrical Industries’ unit inks deal with 4 Belgian distribution firms

Electrical Industries Co.’s (EIC) subsidiary, Pauwels Transformers NV, inked, on Sept. 2, a framework agreement with four Belgian electricity distribution companies to supply distribution transformers, according to a statement to Tadawul.

 

These four companies are Fluvius System Operator, ORES Assets, RESA Innovation & Technology, and Sibelga.

 

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The contract extends for four years, from Aug. 1, 2024, to July 31, 2028, with a potential voluntary extension of 20 months, the statement added.

 

The contract is valued at SAR 302 million and could reach a maximum of SAR 609 million, depending on the requirements of the four firms during the agreement’s term. It is expected to positively impact the company’s financial results for the years 2025-2028.

 

EIC noted that the contract binds Pauwels Transformers NV but not the Belgian electricity distribution consortium.

 

The transformers will be manufactured at Saudi Transformers Co. in Dammam Facility, which is a subsidiary of Electrical Industries Co.

 

The contract was awarded on Aug. 30, 2024, and no related parties are included.