Shareholders of National Marine Dredging Company (NMDC) have voted to approve the recommended offer to merge with National Petroleum Construction Company (NPCC)
NPCC is a leading Engineering, Procurement and Construction company providing total EPC solutions to both the offshore and onshore oil and gas sector.
The combination of NMDC and NPCC will create one of the leading integrated oil and 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. 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.
NMDC will remain listed on the Abu Dhabi Securities Exchange following completion of the transaction, which is expected by the end of Q1 2021. The combined group will be one of the largest companies on the ADX based on market capitalisation, which is expected to have a positive impact on overall demand and liquidity for its shares.
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.
