Offer to unify the business of the two companies "marine bulldozers" and "petroleum construction"

The Emirates National Petroleum Construction Company has submitted an offer to the Board of Directors of the National Marine Dredging Company to unify the business of the two companies through the acquisition of the entire capital of the Petroleum Construction Company by the National Marine Dredging Company National.

According to Arabiya Net, it is expected that this proposed deal will establish a pioneering and integrated national and regional entity in the field of engineering, procurement and construction, and the group will be one of the largest integrated companies in The field of engineering, procurement and construction in the oil and gas sector and marine services in the Middle East and North Africa region, with integrated revenues for 2019 amounting to 875.8 billion dirhams (4.2 billion dirhams). She added that the deal would provide a broad diversification of revenues.

The aim of the deal is to enhance the current listing of the National Marine Dredging Company in the stock market, making the unified group one of the largest companies listed on the Abu Dhabi Stock Exchange, which is expected to It has a positive effect on the aggregate demand and liquidity of the consolidated group's shares.

The main terms of the proposal stipulate that the National Marine Dredging Company will acquire the entire capital of the National Petroleum Construction Company in exchange for the National Marine Dredging Company issuing financial instruments convertible to 575 million An ordinary share in the capital of the National Marine Dredging Company in favor of the shareholders of the National Petroleum Construction Company.

The statement added that the merger would establish a new integrated local and regional engineering company. The company will have activities and operations in the Middle East, North Africa and South Asia.

The holding said that the price of practice in the convertible tool in marine dredges is 4.40 dirhams per share, making it 1.1 billion dirhams.

She added that the revenues of the two separate companies totaled 8.88 billion dirhams ($ 2.42 billion) from last year.

shares of the marine dredging company listed on the Abu Dhabi Stock Exchange rose 144% after the announcement. The Petroleum Construction Company is not listed.

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