The unified entity will create one of the leading integrated oil & gas and marine services EPC players
Shareholders of National Marine Dredging Company (NMDC), have recently voted at the Company’s General Assembly Meeting to approve the recommended offer from General Holding Corporation (Senaat), part of ADQ, and other minority shareholders of National Petroleum Construction Company (NPCC) combine NPCC with NMDC.
NPCC is a leading Engineering, Procurement and Construction Company that provides total EPC solutions to both the Offshore and Onshore Oil & Gas sector.
The combination of NMDC and NPCC will create 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 would provide significant revenue diversification for the Combined Group.
NMDC will remain listed on the Abu Dhabi Securities Exchange (ADX) following completion of the transaction which is expected by the end of Q1-2021.
Under the terms of the agreement, the entire issued share capital of NPCC will transfer to NMDC in consideration for the issuance by NMDC to the NPCC shareholders of a convertible instrument.
The transaction is subject to regulatory and other approvals including approval by the KSA General Authority for Competition and the UAE Securities and Commodities Authority.
