Electrical Industries finalizes CG PSSA liquidation procedures

02/12/2020 Argaam

Electrical Industries Co. (EIC) finalized the procedures required to liquidate the associate, CG Power solutions of Saudi Arabia Co. (CG PSSA), it said in a bourse filing.

 

The firm added that the Ministry of Commerce approved today, Dec. 2, to cancel the company’s commercial register.

 

There will be no financial impact on EIC as a result of the liquidation, it noted.

 

It is noteworthy that EIC owns 49% of CG Power solutions of Saudi Arabia, while CG Holdings Belgium owns the remaining 51% of it.

 

On April 28, 2019, EIC disclosed in a statement on Tadawul that it started completing the paperwork required for liquidating affiliate, CG PSSA, according to data compiled by Argaam.

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