Abu Dhabi – Mubasher: The National Marine Dredging Company in the UAE announced that it has legally completed the process of consolidating its business with the National Petroleum Construction Company, after the shareholders voted on December 14, 2020 and obtained all the required regulatory approvals.
The unification of the “National Marine Dredging Company” and the “National Petroleum Construction Company” unified group allows the establishment of one of the leading and integrated institutions in the field of engineering, procurement, construction, oil and gas and marine services, which enjoys a wide presence in the Middle East, North Africa and South Asia, according to news agency Emirates, “WAM”, today, Wednesday.
The deal will diversify the revenues of the consolidated group, which will be able, by consolidating the platforms, to exploit the growth opportunities available in the UAE and the main regional markets, and will have remarkable capabilities that include the entire value chain to support future expansion plans.
It had previously been announced that the compulsory financial instruments issued to the shareholders of the National Petroleum Construction Company would be transferred in exchange for the National Marine Dredging Company’s acquisition of the entire capital of the National Petroleum Construction Company to 575 million ordinary shares.
Yasser Zaghloul, CEO of the National Marine Dredging Company, said: “Today marks the beginning of the next phase in the journey of our companies, and we will work together to achieve new success from the Emirate of Abu Dhabi. We hope that it will benefit our stakeholders, shareholders, our employees and the UAE as a whole.”