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Arkan’s board approves Emirates Steel acquisition transaction

The board of Arkan Building Materials Company has approved the offer, received from General Holding Corporation (Senaat) on 9 May, to transfer its wholly-owned subsidiary, Emirates Steel Industries (Emirates Steel), to Arkan.

Arkan will acquire Emirates Steel in exchange for the issuance of a convertible instrument to Senaat, according to a press release on Thursday.

Upon closing of the transaction, the instrument would automatically convert into 5.1 billion ordinary shares in Arkan at a fixed price of AED 0.798 per share.

Following the conversion, Senaat would own 87.5% of the entire issued share capital of Arkan. 

The Chairman of Arkan, Jamal Salem Al Dhaheri, said: “It [the transaction] will strengthen Arkan’s balance sheet and financial performance, deliver greater international scale, and position Arkan to become an entry point for investing in a key regional sector while playing a key role in the UAE’s Industrial Strategy ‘Operation 300 Billon.’”

 

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Arab Iron and Steel Union ( AISU ) was established in Algeria in 1971 as the first Arab union of Arab countries to be established under the umbrella of the Council of Economic Unity in the League of Arab States.

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AISU works in the field of preparing studies, organizing courses and holding periodic conferences for the prosperity of the Arab iron and steel industry. The union includes a wide range of companies with multiple activities related to the iron and steel industry.

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