General Holding Corporation (Senaat), a part of Abu Dhabi’s holding company ADQ, submitted an offer to combine its wholly-owned subsidiary Emirates Steel with Arkan Building Materials Company to create an industrial group with assets of Dh13 billion ($3.54bn).
Under the terms of the proposed deal, Senaat would transfer Emirates Steel to Arkan for a convertible instrument that would automatically convert into approximately 5.1 billion ordinary Arkan shares upon completion of the deal, Senaat said in a statement on Sunday.
The conversion price of the instrument is set at Dh0.798 per share, which values Arkan at about Dh1.4bn. Upon completion, Senaat would own approximately 87.5 per cent of the entire issued share capital of the combined group.
“We believe the combination of Emirates Steel and Arkan presents an excellent opportunity for Arkan’s shareholders, offering increased scale, financial strength, resilience and value via a best-in-class player with international ambitions,” Khalifa Al Suwaidi, chairman of Senaat, said.
“Emirates Steel has invested ahead of the market in upgrading and future-proofing its operations” and the proposed combination of the two companies will “create value for stakeholders in the UAE and beyond”, he added.
Senaat said the proposed combination of Arkan and Emirates Steel would create the largest listed entity of its kind in the UAE. It will also give investors an opportunity for the first time to have access to a steel producer on a UAE bourse, which is expected to have "a positive impact on overall demand and liquidity for the combined group’s shares".
The combined group will also play a key role in delivering the UAE’s industrial strategy "Operation 300bn", Senaat said. It is set to benefit from the post-Covid recovery anticipated in the UAE and a broader pickup in activity within the GCC construction sector as various governmental stimulus programmes fuel spending on infrastructure projects.
The combined entity will compete alongside global industry leaders and will have a "compelling strategic proposition, with strong potential for growth", Senaat said.
The board of Arkan said it will consider the transaction before making any recommendations to shareholders.
"Should an agreement be reached between the two parties, an Arkan general assembly meeting would consider approving the transaction during second half of 2021," the company said in a statement to the Abu Dhabi Securities Exchange, where its shares trade.
“At this time, there is no certainty that any transaction will occur,” it said.
The offer is subject to government approval, including from the Securities and Commodities Authority, as well as the shareholders.
Senaat, which manages more than Dh27.2bn of industrial assets, has holdings in metals, oil and gas services, construction and building materials and food and beverages. In March 2020, ADQ assumed the ownership of Senaat, following which the conglomerate has been consolidating its holdings.
We believe the combination of Emirates Steel and Arkan presents an excellent opportunity for Arkan's shareholders, offering increased scale, financial strength, resilience and value
In January, Senaat’s food and beverage subsidiary Agthia completed its merger with Al Foah, the world’s largest date processing and packaging company. Agthia and Al Foah are both owned by ADQ through Senaat.
In February, Abu Dhabi's National Petroleum Construction Company merged with the National Marine Dredging Company. Before the merger, ADQ held a 32 per cent stake in ADX-listed NMDC and was the majority owner of NPCC through Senaat.
ADQ holds government stakes in a broad portfolio of companies, including Abu Dhabi Airports, Abu Dhabi Ports, Emirates Steel, Emirates Nuclear Energy Corporation, Etihad Rail, Abu Dhabi Securities Exchange, healthcare operator Seha, media hub TwoFour 54 and others.
It has merged a number of its subsidiaries over the past year to streamline businesses and create stronger entities. In July, Abu Dhabi Power Company and Abu Dhabi National Energy Company completed a merger to create a utilities business with Dh200bn of assets. Another ADQ-portfolio company Abu Dhabi Ports also acquired industrial zones operator Zones Corp in the same month.
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Afghanistan fixtures
- v Australia, today
- v Sri Lanka, Tuesday
- v New Zealand, Saturday,
- v South Africa, June 15
- v England, June 18
- v India, June 22
- v Bangladesh, June 24
- v Pakistan, June 29
- v West Indies, July 4
Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
Federer's 11 Wimbledon finals
2003 Beat Mark Philippoussis
2004 Beat Andy Roddick
2005 Beat Andy Roddick
2006 Beat Rafael Nadal
2007 Beat Rafael Nadal
2008 Lost to Rafael Nadal
2009 Beat Andy Roddick
2012 Beat Andy Murray
2014 Lost to Novak Djokovic
2015 Lost to Novak Djokovic
2017 Beat Marin Cilic
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Analysis
Maros Sefcovic is juggling multiple international trade agreement files, but his message was clear when he spoke to The National on Wednesday.
The EU-UAE bilateral trade deal will be finalised soon, he said. It is in everyone’s interests to do so. Both sides want to move quickly and are in alignment. He said the UAE is a very important partner for the EU. It’s full speed ahead - and with some lofty ambitions - on the road to a free trade agreement.
We also talked about US-EU tariffs. He answered that both sides need to talk more and more often, but he is prepared to defend Europe's position and said diplomacy should be a guiding principle through the current moment.
Killing of Qassem Suleimani
The specs
Price, base / as tested Dh135,000
Engine 1.6L turbo
Gearbox Six speed automatic with manual and sports mode
Power 165hp @ 6,000rpm
Torque 240Nm @ 1,400rpm 0-100kph: 9.2 seconds
Top speed 420 kph (governed)
Fuel economy, combined 35.2L / 100km (est)
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Sarfira
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Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
Who are the Soroptimists?
The first Soroptimists club was founded in Oakland, California in 1921. The name comes from the Latin word soror which means sister, combined with optima, meaning the best.
The organisation said its name is best interpreted as ‘the best for women’.
Since then the group has grown exponentially around the world and is officially affiliated with the United Nations. The organisation also counts Queen Mathilde of Belgium among its ranks.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
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- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives