| Element List | Explanation |
|---|---|
| Introduction | Bawan Co. announces the signing of a license contract to manufacture Low Voltage Switchgears between one of its subsidiaries, United Technology for Electric Substations & Switchgears (UTEC) and Schneider Electric, the global leader of Energy Solutions & Sustainability. This agreement reflects the continuous cooperation between booth parties in relation to boosting the local content of electrical products manufacturing, also confirms the long-term strategy of United Technology for Electric Substations & Switchgears Co. to provide its customers with complete innovative solutions. |
| Date of Announcement of the Award | 2023-06-13 Corresponding to 1444-11-24 |
| Contract Subject Matter | License contract to manufacture Low Voltage Switchgears |
| Date of Signing the Contract | 2023-06-13 Corresponding to 1444-11-24 |
| Contract Value | N/A |
| Contract Details | License contract to manufacture Low Voltage Switchgears |
| Contract Duration | Four years and renewed by the agreement of both parties |
| Financial Impact and the Relevant Period | The positive financial impact of the contract is expected to appear starting from the second quarter of 2024 |
| Related Parties | N/A |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.