EIC Gets SAR 26.1M Refund After Court Overturns Fine

Electrical Industries Co. (EIC) said it received SAR 26.1 million on July 14 after a final court ruling overturned a competition fine imposed on two of its subsidiaries.

The refund follows the court's decision to cancel the penalty from the General Authority for Competition (GAC). EIC disclosed the receipt in a filing on the Saudi stock exchange, noting the amount had been recorded as a provision in prior periods.

The company did not specify which subsidiaries were involved or the original basis for the fine. GAC, which enforces Saudi Arabia's competition law, can levy penalties for anti-competitive practices including price-fixing and market allocation.

EIC shares traded flat on the Saudi Exchange following the announcement. The stock is down roughly 12% year to date.