The Electrical Industries Company (EIC) is a Saudi joint stock company listed on the Saudi stock market (Saudi Tadawul). It was established on August 7, 2007, as a closed joint stock company, with its headquarters in the city of Dammam. It is a company active in the sector of managing and developing capital goods.
The Electrical Industries Company was listed on the stock market on December 7, 2014. Its shares are traded on the main market platform under the name (Electrical Industries Co.) and symbol (1303), within the capital goods sector. Its ISIN code is (SA13LG50KBH9). The company's capital amounts to SAR562.5 million, according to the update on October 1, 2023.
History of Electrical Industries Company (EIC)
Wahah Electric Supply Company of Saudi Arabia Ltd. (WESCOSA) was established in 1976 as a joint venture between Westinghouse Electric Corporation and Ali Zaid al-Quraishi and Brothers Company.
In 1979, Pauwels International was introduced as a strategic investor with the Saudi Transformers Company, leading to a significant expansion of the factory and, thereby, increasing the production capacity by 1985. Three years later, Ali Zaid al-Quraishi and Brothers Company bought out Westinghouse's shares, making the company 100 percent Saudi under the name Wahah Electric Supply Company of Saudi Arabia Ltd. (WESCOSA).
In 2000, Pauwels International decided to sell its shares to the Saudi Transformers Company (STC), making the company 100 percent Saudi. In 2001, the Saudi Transformers Company became fully Saudi, and for the first time, the company began producing fully integrated compact stations.
In 2005, the Saudi Transformers Company (STC) merged with the Wahah Electric Supply Company of Saudi Arabia Ltd. (WESCOSA).
In 2010, the Electrical Industries Company (EIC) established the Saudi Power Transformers Company (SPTC) and Crompton Greaves-Power Systems Saudi Arabia (CGPSSA), in partnership with CG-Power Systems. In 2016, the ownership of the Saudi Power Transformers Company was fully transferred to the Electrical Industries Company, making it a 100 percent Saudi company thereafter.
After resuming operations in April 2021, Pauwels Transformers continued its manufacturing activities after purchasing all its assets, including factories, equipment in Mechelen City in Belgium, and the technology used in manufacturing its products, by the Electrical Industries Company to become the fourth company wholly owned by it at 100 percent.
EIC owns a range of electrical equipment and a services division to meet the growing demand in the electrical sector in the Kingdom and the Middle East. The Electrical Industries Company employs over 1,600 employees across various specializations, and its factories and offices occupy an area exceeding two hundred thousand m.
Activity of the Electrical Industries Company
The company's activity includes manufacturing, assembling, supplying, repairing, and maintaining electrical transformers, electrical distribution stations, integrated distribution stations, low-voltage electrical distribution panels, cable trays, low and medium-voltage electrical switchboards, and other electrical equipment, in addition to providing technical services related to these activities.
Subsidiaries of the Electrical Industries Company
The Electrical Industries Company is a holding company that provides electrical products and services to customers in the Kingdom and the Middle East. It is the parent company of Saudi Transformers Company, Wahah Electric Supply Company of Saudi Arabia Ltd. (WESCOSA), Saudi Power Transformers Company, and PauwelsTransformers in Belgium.
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