Riyadh – Mubasher: Bawan Holding on Tuesday announced that its 85.5%-owned subsidiary, United Transformers Electric Company (Utec), has begun the establishment of a limited liability industrial company in Algeria named United Technology Electric Company (Utec-Algeria).
It is expected that production in the new company will commence in Q3-17 instead of Q4-16, Bawan added in a filing to the Saudi Stock Exchange (Tadawul).
Production has been postponed as licences, approvals and tax exemptions for Algeria’s National Agency for Investment Development (ANDI) took longer than expected, the statement revealed.
Bawan announced in December 2014 the approval of its board by circulation to commence the establishment of a subsidiary to Utec in Algeria at a capital of SAR 37 million.
