ADQ Holding plans to integrate Emirates Iron Industries with Arkan Building Materials to form a total assets of about 13 billion dirhams ($ 3.54 billion).
According to Arab Net, Arkan stocks rose 10% in the Abu Dhabi market on Sunday after being evaluated within the show by about 1.4 billion dirhams.
Since its establishment in 2018, ADQ has grown rapidly to join the ranks of the world's top 20, and is now the third largest fund in Abu Dhabi, behind the Abu Dhabi Investment Authority and Mubadala Investment, according to Bloomberg, and Arabic. >
As part of the show, the corners will be transferable to industries controlled by ADQ, which owns Emirates Iron. The two countries within the deal amounted to AED 1.4 billion, and industries will have about 87.5% of the new entity after mergers.
In a statement, in a statement, this is the first time investors can reach a steel product in a public market in the UAE, which is expected to have a positive impact on total demand and liquidity for stocks integrated.
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The conversion rate is AED 0.798 per arrow of Arkan, the same stock closing price on Thursday.
The company, Rothschild & Partners, is a financial advisor to its industries and shareholders. If the Board of Management approves the presentation, the transaction may be closed during the second half of the year.
Ali al-Ado, director of asset management in an investment, said Arkan had suffered because the income was focused on cement and tubes and merged it would change the form of the company and would be more diverse revenue.
He pointed out that the merger between the two companies will improve revenue and will strengthen expectations on future growth.
