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Argaam Tools ×
Two Bawan’s subsidiaries ink merger deal
On June 19, 2019, United Technology of Electric Substations and Switchgears Co. (USSG) signed a conditional agreement to merge into United Transformers Electric Co. (Utec). Under the agreement, all assets and liabilities of USSG will be transferred to Utec. Both parties are subsidiaries of Bawan Company.
Deal Value | Method of Finance | Type | Status |
4.50 Million USD currencyResource Million_USD marketID 3 currencyId 3 | Internal Resources | Merger | Cancelled |
The First Party
United Transformers Electric Comapny - KSA - United Transformers Electric Comapny | |
Country | Saudi Arabia |
Status | Unlisted |
Argaam Sector | - |
*Market Cap (Million SAR) | - |
*Price/Share (SAR) | - |
The Second Party
United Technology of Electric Substations and Switchgears Co. - USSG | |
Country | - |
Status | Unlisted |
Argaam Sector | - |
*Market Cap (Million SAR) | - |
*Price/Share (SAR) | - |
- *Based on the latest data available
Important Dates
Announced Date | 19-06-2019 |
Expected date for Completion | - |
Related Parties
Company | Role |
---|---|
Bawan Co. | Owner |
Main Details
Bawan Company indirectly owns an 85.5 percent stake in each firm through its wholly-owned subsidiary Bawan Engineering Industries, while WTC Investments Pty. Ltd. and Maaly Holding Company own the remaining 14.5 percent. The merger deal is worth SAR 17 million, representing the net book value of USSG’s assets according to its financial statements for fiscal year 2018.
Note
* Bawan aims at consolidating both firms business in the electrical sector, since they have compatible business plans and activities, to fulfill its strategic plans to achieve investment growth.
* The company said that it does not expect the merger deal to have any negative impact on both firms production capacity, and both companies will be able to meet all clients’ requirements.
* The merger’s value will be recorded to the current accounts of Utec’s shareholders. The amount allocated to each shareholder will be based on ownership percentage in the merged company.
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