(MENAFN)Saudi Arabia's Electrical Industries Company approved to buy some assets of CG Power Belgium from its liquidator for about €5 million (about USD 5, 9 million).
In a stock exchange filing, the Dammam-based company stated that the assets include machinery, equipment, inventory and software for designing transformers and mobile substations.
It further stated that it was in the final process of establishing a unit in Belgium to hold the newly attained assets.
Electrical Industries Company (EIC) is a holding company that supplies electrical products and services in Saudi Arabia and the Middle East.
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