Riyadh - Mubasher: Pauwels Transformers Company, a unit of Electrical Industries Company (EIC), has purchased a plot of land and the existing buildings in a public auction, which was held in Mechelen city.

Bankruptcy Trustees of the properties of CG Power Systems Company sold the land plot, on 13 October, in exchange for SAR 79.72 million, according to a bourse filing.

The Saudi company will finance the deal from its internal resources and bank facilities.

The transaction will increase the company’s assets and boost the stability of its operations to achieve growth and future expansions.

Last September, WESCOSA and Saudi Transformers Company, subsidiaries of  EIC, signed a SAR 198.50 million agreement with Saudi Electricity Company (SEC).