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Bawan Co. announces the signing of an MOU to manufacture Data Centers between one of its subsidiaries, United Technology for Electric Substations & Switchgears (UTEC) and Schneider Electric, the global leader of Energy Solutions & Sustainability
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BAWAN
-0.52
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1444/11/24 13/06/2023 16:04:16
| Element List | Explanation |
|---|---|
| Introduction | Bawan Co. announces the signing of an MOU to manufacture Data Centers between one of its subsidiaries, United Technology for Electric Substations & Switchgears (UTEC) and Schneider Electric, the global leader of Energy Solutions & Sustainability. This agreement reflects the continuous cooperation between booth parties in relation to boosting the local content of electrical products manufacturing, also confirms the long-term strategy of United Technology for Electric Substations & Switchgears Co. to provide its customers with complete innovative solutions. |
| Memorandum Signing Date | 2023-06-13 Corresponding to 1444-11-24 |
| Counterparty | Schneider Electric Co. |
| Memorandum Subject | MOU to manufacture Data Centers |
| Memorandum Duration | One Year and renewed automatically for a similar period |
| Related Parties | N/A |
| Financial Impact | The positive financial impact of the MoU is expected to appear starting from the forth quarter of 2024 |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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