Al Babtain Power and Telecommunication Company announces the initiation of the transfer process for one of its factories to one of its subsidiary companies.
| Element List | Explanation |
|---|---|
| Announcement Detail | Al-Babtain Power and Telecommunication Company announces its board of Directors approval to initiate the process of transferring assets and liabilities associated with the Al Babtain Lighting & Panel Board Factory at the meeting dated 12/26/2023. This transfer will be carried out from Al Babtain Power and Telecommunication Company to Integrated Lighting Company, a subsidiary that is wholly owned 100 % by Al Babtain Power and Telecommunication Company.
The purpose of this transfer is to optimize the utilization of the lighting & Panel Board factory that like activities and to expand the activities of Integrated Lighting Company. The process will involve adhering to all official procedures and regulations with the relevant authorities, and there will be no essential financial impact as a result of this action. Any updates regarding this process will be announced by the company on time. |
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