“Electrical Industries”: Purchasing land in Belgium worth 79.7 million riyals
The Electrical Industries Company announced that one of its subsidiaries (Pauwels Transformers Company – Belgium), yesterday, Monday, purchased a plot of land and the buildings located on it through a public auction, which was held in the city of Mechelen, Belgium, by the bankruptcy trustees of the properties of CG Energy Systems.
The company said in a statement on the website "Saudi Arabia trading"The land is located in Antwerpsteinweg, the city of Mechelen – Belgium, with a total area of 92,846 square metres.
She added that the value of the deal is estimated at 79.7 million riyals, while it will be financed through the company’s own resources and bank facilities.
She explained that the reasons for the deal are: securing the land on which the Bowles Transformer Company factory is located to ensure The company’s business will continue, especially since the land on which the factory is built is rented.
It is expected that the company’s assets will increase and contribute to supporting the stability of the company’s operations to achieve future growth and expansion.
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