Bawan Company announced on Monday that its 85.5% subsidiary, United Transformers Electric Co. (Utec), finalized the construction works of the Utec-Algeria plant.
Work is underway to obtain the required approvals from competent authorities. Any substantial developments regarding the commencement of commercial production will be announced after obtaining necessary approvals, it said in a statement to Tadawul.
The required samples of the firm’s product have been manufactured for the experimental examination by the Algerian state-run Societe Nationale de l'Electricite et du Gaz (Sonelgaz).
The delay is unlikely to have a negative impact on its financial results, the statement added. In December 2014, Bawan approved a proposed deal of its affiliate, Utec, to establish a SAR 37 million joint venture in Algeria.
According to data compiled by Argaam, the plant’s commercial production has been delayed five times, starting from Q4 2016 to Q3 2017, to Q2 2018, to Q2 2019 and Q4 2019.
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