UAE-based Arkan Building Materials’ board has approved the proposed Emirates Steel Industries merger. In May, General Holding Corporation (Senaat), a part of ADQ and the only shareholder of Emirates Steel had submitted an offer to Arkan.
The merger has been put forth to the Arkan general assembly and awaits regulatory and shareholders’ approval.
Arkan chairman Jamal Salem Al Dhaheri states the transaction with Emirates Steel will boost their ambitions by merging two sector leaders in the UAE which will expand the product portfolio and order portfolio. After the completion of the deal, Senaat will own 87.5pc of the entity.