Bawan Co. board, in coordination with the company’s two subsidiaries United Technology of Electric Substations and Switchgears Co. (USSG) and United Transformers Electric Co. (Utec) said the planned merger is “infeasible” after reevaluating the deal, according to a bourse statement.
As a result, shareholders of the two subsidiaries gave the green light for canceling the deal, the statement said, adding that the necessary approvals were obtained from the Ministry of Commerce and Investment in this regard.
The parent company does not expect any financial effect from the merger cancelation.
On June 19, 2016, the subsidiaries signed a conditional merger agreement, according to data compiled by Argaam.
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