EIC in talks to acquire assets of CG Power Belgium

Electrical Industries Co.’s (EIC) board of directors approved on August 23, 2020, to begin negotiations with the liquidator in Belgium to conclude the purchase agreement for the assets of CG Power Belgium.

The assets include machinery, equipment, inventory, software and intellectual property rights, the company said in a bourse filing on Monday.

CG Power Belgium is a leading company in the field of designing and manufacturing electrical transformers. It also provides technical assistance to EIC’s subsidiaries - Saudi Power Transformers Co. and Wescosa.

Furthermore, the company’s board will establish a limited liability company in Belgium to transfer the assets following the conclusion of the agreement.

The decisions are in line with EIC’s plan to transfer technology to its factories in Saudi Arabia.

Any related development will be announced in due course, the statement noted.