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Saudi Arabia’s Bawan Co has cancelled plans to merge two of its subsidiaries having found it unfeasible upon a revaluation.
The company said in a statement Thursday to the Saudi stock exchange, Tadawul, that it has received the necessary approvals to cancel the merger from the commerce ministry and that the decision would not have any material adverse effect on the company.
In June 2019, Bawan Holdings announced plans to merge its two subsidiaries, United Transformers Electric Company and United Technology of Electric Substations and Switchgears Company. Bawan, which manufactures building materials, has an 85.5 percent stake in its subsidiaries.
(Writing by Brinda Darasha; editing by Daniel Luiz)
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