UAE’s Arkan Building Materials Co has completed its merger with Emirates Steel Industries, after receiving shareholder and regulatory approvals. The merger was first announced in May this year when ADX-listed Arkan said its board of directors has received an offer to merge the two firms in exchange for the issuance of an instrument that would automatically convert into approximately 5.1 billion ordinary shares in Arkan’s capital. Senaat also wholly owns Emirates Steel. Following the merger, Senaat will potentially own 87.5 percent of the combined entity’s share capital. The merged entity will have total assets worth AED 13 billion (USD 3.54 billion).Arkan is 51% owned by Senaat Holding Company, which is backed by state-owned holding company ADQ. Senaat is an industrial conglomerate that manages billions of dirhams in assets, operating in various industries, including metals, oil, construction and food and beverage manufacturing.
UAE’s Arkan Building Materials Co has completed its merger with Emirates Steel Industries, after receiving shareholder and regulatory approvals. The merger was first announced in May this year when ADX-listed Arkan said its board of directors has received an offer to merge the two firms in exchange for the issuance of an instrument that would automatically convert into approximately 5.1 billion ordinary shares in Arkan’s capital. Senaat also wholly owns Emirates Steel. Following the merger, Senaat will potentially own 87.5 percent of the combined entity’s share capital. The merged entity will have total assets worth AED 13 billion (USD 3.54 billion).Arkan is 51% owned by Senaat Holding Company, which is backed by state-owned holding company ADQ. Senaat is an industrial conglomerate that manages billions of dirhams in assets, operating in various industries, including metals, oil, construction and food and beverage manufacturing.
