The general assembly of the UAE company Arkan for Building Materials approved the issuance of mandatory transferable bonds with a principal amount of more than 4 billion dirhams to the General Holding Company, as the purchase price that the company must His push to acquire Emirates Steel Industries Company.
The association also agreed to increase the company's issued capital from 1.7 billion dirhams to 6.8 billion dirhams, upon completion of the acquisition deal.
Last May, Arkan received an offer from Senaat, a holding subsidiary company, to consolidate the business of Emirates Steel, worth 1.4 billion dirhams; The Emirates Industries will transfer the total issued shares of Emirates Steel to Arkan in exchange for the latter's issuance of convertible bonds to 5.1 billion ordinary shares.
