EIC unit acquires industrial land in Belgium for SAR 79.7M

Electrical Industries Co. (EIC) said that its Belgian subsidiary, Pauwels Transformers NV, acquired an industrial land plot along with existing buildings through a public auction held in Mechelen, Belgium.

According to a statement on Tadawul, the auction was conducted by the bankruptcy trustees of CG Power Systems’ assets, and the total transaction value amounted to SAR 79.7 million, inclusive of taxes and registration fees.

The land area totals 92,800 square meters (sqm), as the acquisition was financed through internal resources and bank facilities.

EIC explained that the acquired industrial land hosts the manufacturing facility of Pauwels Transformers NV. The acquisition aims to secure ownership of the site where the factory operates, ensuring business continuity, as the land was previously leased.

The company expects the transaction to boost its assets and support operational stability, contributing to sustainable growth and future expansion plans.

It also confirmed that there are no related parties involved in the deal, noting that it will announce any significant developments regarding the transaction in due course.