Arkan Building Materials Company has completed all legal aspects of its business consolidation deal with Emirates Steel Industry, Emirates Steel, after the shareholders' vote last August and the completion of all regulatory approvals.< /p>
According to Arabiya Net, the completion of the business consolidation between Arkan and Emirates Steel represents the creation of the largest producer of iron and building and construction materials in the UAE, the consolidated group.
Under the core terms of the transaction, Arkan issued a convertible bond industries to Arkan's 5.1 billion common shares.
For the first time in the history of the UAE financial markets, investors will be able to trade the shares of a company specialized in the iron and steel industry in the UAE.
The consolidated group has great potentials that qualify it for growth, expansion, creating new business opportunities, and enhancing the role of national industrial companies and their contribution to building a diversified and sustainable national economy.