Sunday 28 february 2021 - 8:06:56 am

NMDC, NPCC complete merger to create leading engineering, construction powerhouse


ABU DHABI,10th February 2021 (WAM) - Following the shareholder vote on 14 December 2020 and the receipt of all required regulatory approvals, National Marine Dredging Company PJSC ("NMDC") confirms the legal completion of its combination with National Petroleum Construction Company PJSC ("NPCC").

The combination of NMDC and NPCC (the "Combined Group") creates one of the leading integrated oil & gas and marine services EPC players, with an established footprint across MENA and South Asia. The businesses are complementary, and the transaction provides significant revenue diversification for the Combined Group. By creating a single platform, the Combined Group is ideally positioned to capture growth opportunities in the UAE and in key regional markets, with strong capabilities across the value chain to support future expansion plans.

As previously outlined, the mandatory convertible bonds that were issued to the shareholders of NPCC as consideration for the acquisition by NMDC of the entire share capital of NPCC have converted into 575,000,000 ordinary shares in NMDC.

Eng. Yasser Zaghloul, CEO of NMDC, commented on the completion, "Today is the beginning of the next phase of the journey for our companies. Together we will focus on creating a new success story, from Abu Dhabi for the world, which we hope will benefit our stakeholders, shareholders, the UAE and our employees."

Eng. Ahmed Al Dhaheri, CEO of NPCC, said, "We are excited to commence our collaboration with NMDC, and we are looking forward to working together on projects that will further strengthen our ‘Made in UAE’ value proposition. This promising venture will further solidify our position as regional EPC champion, and support our efforts to explore new growth avenues across the value chain."

 

WAM/Hassan Bashir/Hatem Mohamed