The Saudi Electrical Industries Company announced the awarding of a contract for the supply of distribution transformers to it from the Ministry of Electricity, Water and Renewable Energy in the State of Kuwait on April 20.
The company said in a statement today, Tuesday, to “Saudi Tadawul”, that it had received, through its agent in the State of Kuwait, a letter of awarding works for the supply of electrical distribution transformers for one of its subsidiaries (Saudi Transformers Company) with the Ministry of Electricity, Water and Renewable Energy in the State of Kuwait.
She stated that the value of the contract is 79 million Saudi riyals, and the date specified for signing is May 31.
On March 29, the Electrical Industries Company announced the recommendation of the Board of Directors to the Extraordinary General Assembly to increase the company’s capital by granting bonus shares to the company’s shareholders by granting one share for every 4 shares.
The company said that the percentage of the capital increase is 25%, to become after the increase 562.5 million riyals, compared to the value of 450 million riyals before the increase. The capital increase aims to strengthen and support the financial position to achieve the company’s business growth strategy.