“Arkan” receives an offer from “Senaat” to unify business with “Emirates Steel”

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Abu Dhabi: “The Gulf”
The Board of Directors of Arkan Building Materials Company, “Arkan”, announced that it had received an offer from the General Holding Company, “Senaat”, affiliated to the “Holding” ADQ, to unify the business of “Emirates Steel”, which is wholly owned by “Senaat”, with “Arkan” Company.
The basic provisions of the proposed offer include Senaat transferring the total issued shares of Emirates Steel to Arkan, provided that Arkan will issue compulsory bonds in favor of Senaat in return for convertible bonds to about 5.1 billion ordinary shares in Arkan at the time. Close the deal. The offer sets the price of the convertible bonds into shares at a value of 0.798 dirhams per share. When applied to the valuation of “Senaat” of “Emirates Steel”, this means that the value of the shares owned by Arkan is estimated at about 1.4 billion dirhams. After completing the deal, “Senaat” will own approximately 87.5 In percent of the combined group’s total shares.
Arkan’s board of directors will consider the proposed deal by “Senaat” before submitting any recommendations to the shareholders. In the event that an agreement is reached between the two parties, the general assembly of the company will convene to consider approving the deal during the second half of this year, and at the present time there is nothing. The two parties’ agreement confirms the completion of this deal.
The offer will remain subject to obtaining the necessary regulatory and governmental approvals, subject to the approval of the Securities and Commodities Authority, in addition to obtaining the approval of Arkan shareholders.





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