Abu Dhabi's Senaat proposes merger between Arkan and Emirates Steel

Proposed merged entity would have total assets worth $3.54bln

  
Emirates Steel plant in Musaffah, Abu Dhabi. Image used for illustrative purpose.

Emirates Steel plant in Musaffah, Abu Dhabi. Image used for illustrative purpose.

Emirates Steel / Handout via Zawya

DUBAI - Abu Dhabi's General Holding Corp (Senaat) said on Sunday it had submitted a proposal to the board of Arkan calling for the merger of the local building materials company with Emirates Steel.

Senaat is Arkan's majority shareholder, with 51% of the Abu Dhabi-listed company, while it owns all of unlisted Emirates Steel.

The proposed merged entity would have total assets worth 13 billion dirham ($3.54 billion). Senaat would own 87.5% of the combined group, it said. ($1 = 3.6728 UAE dirham)

(Writing by Alexander Cornwell; Editing by Himani Sarkar) ((Alexander.Cornwell@thomsonreuters.com;))

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