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General Holding Corporation (Senaat), a part of Abu Dhabi’s holding company ADQ, submitted an offer to combine its wholly-owned subsidiary Emirates Steel with Arkan Building Materials Company to create an industrial group with assets of Dh13 billion ($3.54bn).
Under the terms of the proposed deal, Senaat would transfer Emirates Steel to Arkan for a convertible instrument that would automatically convert into approximately 5.1 billion ordinary Arkan shares upon completion of the deal, Senaat said in a statement on Sunday.
The conversion price of the instrument is set at Dh0.798 per share, which values Arkan at about Dh1.4bn. Upon completion, Senaat would own approximately 87.5 per cent of the entire issued share capital of the combined group.
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NEW YORK, Jan. 19, 2021 /PRNewswire/ Despite sluggish returns in 2020 due to unprecedented COVID-19 outbreak, the global dredging market is expected to report 3.3% YOY growth in 2021, a significant improvement over 3.5% y-o-y exhibited in 2020, finds Fact MR in a new study. The overall growth outlook remains positive, especially as applications in trade activity, maintenance, and urban development among others continue to rise. The market will vastly gain with demand in government sector rising. Fact MR in a new study has forecast government to account for over 43% of overall share through 2031.
Besides this, demand in the oil and gas industry will continue rising through the course of the report s forecast period. According to the Oil 2020- Analysis , published in March 2020 by the International Energy Agency (IEA), the global oil production capacity is expected to rise by 5.9 mb/d through 2025. It was also stated in the report that suppl
Shareholders approve creation of a mega-combine through NPCC and NMDC deal Abu Dhabi has been busy consolidating its strengths across multiple sectors, including banking and energy. Image Credit: Ahmed Ramzan/Gulf News
Dubai: Abu Dhabi shareholders have signed off on another mega merger - this one involves the National Petroleum Construction Company and National Marine Dredging Company. The latter s shareholders have now voted in favour of the move.
Now, the General Holding Corporation PJSC ( or Senaat as it s known) and other minority shareholders in NPCC would transfer their stakes to NMDC. NPCC is into engineering, procurement and construction services for the offshore and onshore oil and gas sector.