| Element List | Explanation |
|---|---|
| Introduction | Electrical Industries Co. is pleased to announce to its shareholder that one of its subsidiaries - Pauwels Transformers NV, has signed a frame contract with four Belgian Electricity Distribution Utilities Companies (FLUVIUS, ORES, RESA and SIBELGA) for the supply of Distribution Transformers |
| Date of Announcement of the Award | 2024-08-30 Corresponding to 1446-02-26 |
| Contract Subject Matter | Optional contract for the Supply of Distribution Transformers |
| The Entity with Which the Contract was Signed | Four Belgian Electricity Distribution Utilities Companies (FLUVIUS System Operator cv, ORES Assets sc, RESA Innovation & Technology sa and SIBELGA cv) |
| Date of Signing the Contract | 2024-09-02 Corresponding to 1446-02-29 |
| Contract Value | Based on the current joint forecasted requirements of the four customers during the duration of the agreement, the optional contract value is estimated at SAR 302 million, the Maximum Frame contract value is Approx. SAR 609 million. |
| Contract Details | Optional Frame Agreement for supply of Distribution Transformers for four years |
| Contract Duration | Four years, starting from 1/8/2024 until 31/7/2028, with optional further extension for 20 months. |
| Financial Impact and the Relevant Period | The contract is expected to have a positive financial impact on the Company results for the years: 2025-2028 |
| Related Parties | None |
| Additional Information | It worth to note the contract is binding to Pauwels Transformers NV and not binding to the consortium of the Belgian Electricity Distribution Utilities. |
Noting the transformers will be manufactured at Saudi Transformers Company in Dammam Facility – KSA, which is a subsidiary of Electrical Industries Co.
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