Bawan Company has said that its 85.5% subsidiary, United Technology of Electric Substations and Switchgears Company, has signed a SAR 269.78 million contract with the Saudi Electricity Company (SEC) for supplying unit substations.
The deal will last until 30 June 2019, according to a statement to the Saudi Stock Exchange (Tadawul) on Wednesday.
The agreement, which is optional for SEC and binding for Bawan’s unit, may be extended for a longer period.
Bawan Co further indicated that the agreement’s financial impact will appear in its financial results for H1-18.
By 10:47 am Saudi time, Bawan Co’s stock increased 5.11% to SAR 14.40.