Riyadh – Mubasher: Bawan Company announced that the date of a planned merger between two of its subsidiaries has been rescheduled to the first quarter (Q1) of the upcoming year.

United Transformers Electric Company (Utec) and United Technology of Electric Substations and Switchgears Company (USSG) are yet to complete some merger requirements, as per a company statement to the Saudi Stock Exchange (Tadawul) on Monday.

It is worth noting that Bawan owns an 85.5% stake in each of the two companies that signed a merger agreement back in June.

Meanwhile, Bawan revealed in a separate bourse filing that Utec has established a unit in Algeria, under the name United Technology Electric Company (Utec Algeria).