Shareholders of National Marine Dredging Company (NMDC) voted to approve the combination of National Petroleum Construction Company (NPCC) with NMDC.
Following completion of the transaction, Senaat, which is part of ADQ, and other minority shareholders of NPCC would transfer NPCC to NMDC.
“We are pleased to see that the shareholders of NMDC have approved our recommended offer to combine NPCC with NMDC,” said ADQ CIO and Senaat chairman Khalifa Sultan Al Suwaidi. “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.”
NPCC shareholders will transfer the entire issued share capital of NPCC to NMDC. In consideration for the transfer of NPCC, NMDC would issue to NPCC shareholders a convertible instrument, convertible into 575,000,000 ordinary shares in NMDC upon closing of the transaction. The convertible instrument will convert into shares in NMDC is AED 4.40 per share.
The deal will create a regional EPC company with a reach into markets across MENA and South Asia. The combined group would have an integrated 2019 revenue of $2.4 billion (AED8.875 billion).
