Riyadh – Mubasher: A subsidiary of Bawan Company signed an agreement on 15 November to supply electrical unit substations to Saudi Electricity Company (SEC) for SAR 115 million.

The deal was signed with United Technology of Electric Substations and Switchgears Company, an 85.5%-owned subsidiary of Bawan, according to a bourse statement on Monday.

The deal’s maturity period ends on 31 March 2022, Bawan said, expecting the agreement to have a positive impact on its results for 2021 and the first quarter of 2022.

The agreement is optional for SEC and binding on the subsidiary, the statement said.