EIC Major Shareholder Shifts 42M Shares in Internal Restructuring

Electrical Industries Co. (EIC) received a letter July 23 from major shareholder Ajda Industrial Services Co., which holds an 18.75% stake. The letter said 42.18 million shares were moved to investment portfolios of the shareholder's affiliated companies.

The company described the transfer as part of an internal ownership restructuring, according to a Tadawul statement. No consideration changed hands. The transaction alters the ownership percentages recorded on the exchange, though the shares remain within the same corporate group.

The filing did not name the specific affiliated portfolios that received the shares or say whether the move affects voting rights or board representation. Ajda Industrial Services Co. remains a major shareholder with a reduced direct stake, while the affiliated entities now hold the transferred shares.

EIC said the change would be reflected in the shareholder register.