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Electrical Industries Co. Announces an update on The Lawsuit filed by the General Authority for Competition against two Subsidiaries of the Company and the ruling issued by the Administrative Court in Riyadh.
| Element List | Explanation |
|---|---|
| Introduction | With reference to the Company’s announcement on Tadawul dated 19-07-1446 corresponding to 19-01-2025 relating to the ruling issued by the Administrative Court in Riyadh on 01-07-1446 corresponding to 01-01-2025 regarding cancelling Paragraph Five and Six of the decision issued by the Committee for Adjudication for Competition Law Violations No (242) dated 28-12-1445 corresponding to 04-07-2024 that relates to the fine. The General Authority of Competition has filed an objection against the ruling issued by the Administrative Court in Riyadh referred to above before the Administrative Court of Appeal. Therefore, the Company would like to announce to its shareholders that it has received on 27-01-1447 corresponding to 22-07-2025 through its lawyer the ruling issued by the Administrative Court of Appeal on 12-01-1447 corresponding to 07-07-2025 with regard to supporting the ruling of the Administrative Court to cancel the decisions of the Committee for Adjudication for Competition Law Violations issued against two of its subsidiaries relating to the fine. It is worth mentioning the ruling issued by the Administrative Court of Appeal referred to above is final . |
| Previous Announcement | The Lawsuit filed by the General Authority for Competition against two Subsidiaries of the Company and the ruling issued by the Administrative Court in Riyadh. |
| Date of Previous Announcement on Saudi Exchange’s Website | 2025-01-19 Corresponding to 1446-07-19 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | The ruling issued by the Administrative Court of Appeal on 12-01-1447 corresponding to 07-07-2025 with regard to supporting the ruling issued by the Administrative Court to cancel the decisions of the Committee for Adjudication for Competition Law Violations issued against two subsidiaries of the Company which is relating to the fine. |
| Reasons For The Delay on The Date of The Event Previously Announced | Not applicable |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | Cannot be determined at this stage |
| Delay consequences on the Company’s financial results | Not applicable |
| Additional Information | The ruling issued by the Administrative Court of Appeal is final and subject to oversight by the Supreme Administrative Court , if one of the parties objects to it within the statutory period on the grounds that the Court of Appeal failed to apply the law or violating Sharia. The Company will announce any major development in this regard. |
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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