Al-Babtain begins transfer of Lighting Factory to subsidiary

27/12/2023 Argaam
Logo ofAl-Babtain Power and Telecommunications Co.

Logo of Al-Babtain Power and Telecommunications Co.

Al-Babtain Power and Telecommunications Co.'s board of directors, in its meeting held on Dec. 26, approved the commencement of requisite procedures to transfer the assets, liabilities, and affiliation of the Al-Babtain Lighting & Panelboard Factory, a branch of Al-Babtain Power & Telecom, to Integrated Lighting Co. KSA – one of its wholly owned subsidiaries.

 

In a statement to Tadawul, the company said Lighting Factory will administratively and financially be affiliated with Integrated Lighting with a 100% ownership ratio.

 

This decision is aimed at optimizing the utilization of Al-Babtain Lighting Factory due to the similarity and expansion of Integrated Lighting’s activities.

 

All necessary legal procedures will be taken with the relevant authorities, the company said, adding that there is no significant financial impact associated with this decision.

 

Relevant developments regarding this action will be announced in due course, the statement added.

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