Shareholders of Abu Dhabi's NMDC vote in favour of NPCC merger

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The shareholders of National Marine Dredging Company, an Abu Dhabi-listed marine dredging contractor, have voted in favour of a merger with oil and gas contractor National Petroleum Construction Company.
The merger will create "a regional leader in dredging and marine construction", state holding company ADQ, which holds a 32 per cent stake in NMDC according to exchange data, said in a statement on Tuesday. ADQ is also the majority owner (through its subsidiary Senaat) of NPCC.
"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," Khalifa Al Suwaidi, chief investment officer of ADQ and chairman of Senaat, said.

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