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Abu Dhabi s construction, building materials sectors post solid growth

Abu Dhabi s construction, building materials sectors post solid growth
tradearabia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tradearabia.com Daily Mail and Mail on Sunday newspapers.

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Abu Dhabi s construction, building materials sectors post solid growth

Abu Dhabi s construction, building materials sectors post solid growth
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Abu Dhabi s Senaat offers to combine Emirates Steel with Arkan to create $3 54bn entity

SHARE 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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NPCC-NMDC merger gains regulatory approvals

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.

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Shareholders of Abu Dhabi s NMDC vote in favour of NPCC merger

SHARE The shareholders of National Marine Dredging Company, an Abu Dhabi-listed marine dredging contractor, have voted in favour of a merger with oil and gas contractor National Petroleum Construction Company. The merger will create a regional leader in dredging and marine construction , state holding company ADQ, which holds a 32 per cent stake in NMDC according to exchange data, said in a statement on Tuesday. ADQ is also the majority owner (through its subsidiary Senaat) of NPCC. The transaction will create one of the largest and most diversified engineering, procurement and construction players in the region, and the complementary nature of the businesses provides a strong platform to capture growth opportunities, Khalifa Al Suwaidi, chief investment officer of ADQ and chairman of Senaat, said.

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