Abu Dhabi Senaat wins NMDC investors nod for NPCC merger
ABU DHABI, December 15, 2020 Abu Dhabi s General Holding Corporation (Senaat) has announced that it has won approval from the shareholders of National Marine Dredging Company (NMDC) for merger with top Emirati engineering and construction group, National Petroleum Construction Company (NPCC). The NMDC shareholders today (December 15) voted to approve their offer to combine NPCC with the dredging firm. The proposed transaction would create a new national and regional integrated EPC champion with an established footprint in key markets within Mena and South Asia. The combined group would be one of the largest integrated oil and gas and marine services EPC players in the region with integrated 2019 revenue of AED8.875 billion ($2.41 billion), said the statement from Senaat.
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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.