Arabia's Al Arrab Did Not Inject Yet EUR35M In Romania’s Electroputere
Saudi Arabia's Al Arrab Contracting Co., majority shareholder of Romanian electrical equipment-producer Electroputere, did not inject EUR35 million into the company’s working capital, as previously announced by Romania’s privatization authority AVAS.
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Arabia's Al Arrab Did Not Inject Yet EUR35M In Romania’s Electroputere
“The information that Al Arrab injected EUR35 million in the company’s working capital is incorrect and was caused by a communication error between the buyer and AVAS,” a press statement reads.
According to the privatization contract, Al-Arrab said it would inject EUR37 million in sixth months time after it takes over the company.
On November 6, Al-Arrab signed a EUR120 million deal with AVAS to buy a 62.8% stake in Electroputere, stipulating EUR37 million to be injected in working capital in six months from the purchase.
Two weeks ago, Al-Arrab paid EUR2.3 million for Electroputere majority stake.
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