Abu Dhabi’s Senaat eyes NPCC merger with NMDC

  • Date: 16-Aug-2020
  • Source: Trade Arabia
  • Sector:Financial Markets
  • Country:UAE
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Abu Dhabi’s Senaat eyes NPCC merger with NMDC

Abu Dhabi's General Holding Corporation (Senaat) along with other minority shareholders of National Petroleum Construction Company has submitted an offer to the board of National Marine Dredging Company, a regional leader in dredging and marine construction, seeking merger of NPCC with NMDC. 

 

NPCC is a world-class engineering, procurement and construction company that provides solutions to the offshore and onshore oil and gas sector. 

 

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.

 

The offer sets out the principal terms and conditions by which Senaat, a part of ADQ, one of the region's largest holding companies, and other minority shareholders of NPCC would transfer NPCC to NMDC.

 

The proposed transaction would create a new national and