"We are looking forward to working together on projects that will further strengthen our ‘Made in UAE’ value proposition. This promising venture will further solidify our position as [a] regional EPC champion, and support our efforts to explore new growth avenues," NPCC chief executive Ahmed Al Dhaheri said.
Prior to the merger, state holding company ADQ held a 32 per cent stake in Abu Dhabi Securities Exchange-listed NMDC and was the majority owner (through its Senaat subsidiary) of NPCC. It is effectively a reverse takeover, with NMDC issuing mandatory convertible bonds for NPCC's entire share capital, which are being converted into 575 million ordinary shares, or 69.7 per cent of the combined entity. The business will maintain its market listing.