Bawan postpones merger deal of 2 subsidiaries to Q1 2020

30/12/2019 Argaam

 

Bawan Company (Bawan) postponed a merger deal of 2 subsidiaries until the first quarter of 2020.

 

The deal was expected to be finalized in Q4 2019, but was delayed for not fulfilling the prerequisites, the company said in a statement to Tadawul on Monday.

 

Nevertheless, Bawan stressed that the delay would not have a negative impact on its financial results as 90% of the deal is finalized. In June, United Technology of Electric Substations and Switchgears Co. (USSG) signed a SAR 17 million conditional merger agreement with United Transformers Electric Co. (Utec).

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