Bawan sets up new company in Algeria; expects commercial production to start in 3Q17
Bawan Company announced that its 85.5%-owned subsidiary, United Transformers Electric Company (UTEC), will establish a new entity in Algeria under the name, United Technology Electric Company (UTEC Algeria), which is expected to start commercial operations in 3Q17. The new entity will have a total capital of SAR37mn and will be 49%-owned by UTEC, 49%-owned by Algeria-based Industry Technology Electric and 2%-owned by Algeria-based United Electro Industry Company. (Argaam)
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