Electrical Industries Co. announced that the transfer of land ownership transfer previously registered under the former CEO’s name was completed and new deeds were issued in favor of the company on May 28.

In a statement on Tadawul, the company explained that it purchased vacant land consisting of four plots with a total area of 68,227 square meters (sqm) for SAR 6.3 million in 2017.

The land was registered in the name of the former CEO with the purpose of finalizing the procedures related to the purchase process, provided the land was later transferred to the company’s name.

The transfer process did not take place due to a ban imposed by the relevant authority on the whole area. However, the competent authority recently lifted the ban.

Electrical Industries disclosed in the IPO prospectus in 2014 the risk related to the land registered in the name of its former CEO. The land is located north of Dammam Road highway, west of Military City.

There will be no financial impact on the company’s results as the land is registered in its books, the company said, assuring its keenness to preserve its shareholders’ rights.