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Electrical Industries Co. announces the expansion project of Saudi Power Transformers Co. Factory to manufacture Extra High Voltage Transformers and Reactors.
1303
EIC
-1.23
%
1445/11/07 15/05/2024 16:13:17
| Element List | Explanation |
|---|---|
| Introduction | Electrical Industries Co. is pleased to announce to its shareholders the approval of the Board of Directors in its meeting held on 15th of May 2024, the expansion project of Saudi Power Transformers Co. Factory (a subsidiary Company owned 100% by EIC) to manufacture Extra high voltage transformers and reactors 380 K.V. The project also includes increasing the current capacity of high voltage transformers. |
| Date of Board Resolution in Regard to the Project | 2024-05-15 Corresponding to 1445-11-07 |
| Project Start Date | The construction work of the project is expected to start in the second half of 2024. |
| Project Cost | The estimated cost of the project amounts to SAR 192 million |
| Financing method for the project | The project will be funded from cash available at the company, bank facilities and other finance programs. |
| Expected completion date of the project | The construction work of the project is expected to be completed in the fourth quarter of 2026. |
| Expected Financial Impact of the Project on the Company’s Results | It is expected that the project will have an impact on the financial results of the Company for year 2027 |
| The Start of the Expected Impact of the Project on the Company’s Results | The expected impact of the project on the financial results of the company will be in the fourth quarter of 2027. |
| Expected Date for the Pilot Production of the Project to Begin | The Pilot Production of the project is expected to start in the first quarter of 2027 |
| Duration of the pilot production of the project | The duration of the Pilot Production of the project will be approximately (6) six months. |
| Expected date for the commercial production of the project | The commercial production of the project is expected to start in the third quarter of 2027. |
| Executing Party/Counter Party in the Project/Contract | As of today, no contract concluded with a contractor to execute the project. Any other material developments related to the project will be announced in due course. |
| Related Parties | There are no related parties |
| Additional Information | This project is launched as per the Company’s strategy that aims at diversifying its products and achieving leadership and innovation in the field of electrical products industry and to localize this high technology industry to enhance local content, which is in line with KSA vision of 2030. Any other material development related to the project will be announced in due course. |
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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