Dubai-listed contractor Arabtec Holding said that it has commenced with Abu Dhabi-based construction group Trojan Holding a review of the possibility of combining their construction businesses, which could lead to a merger between the two companies.
“In the event an agreement is reached between the two companies following the technical, financial and legal reviews, it is intended that a contract will be signed for this purpose detailing the terms and applicable procedure for such combination which may lead to a merger between the two companies,” Arabtec said in a statement.
Arabtec had announced earlier in September that it has appointed Wail Farsakh as its new Group Chief Operating Officer.
For the second quarter of 2019, the construction giant posted a 47.26 percent drop in profit. (Read more here)
The company's stock was trading 12.58 percent higher by 12:23 GST on Tuesday at 1.79 dirhams.
(Writing by Gerard Aoun, editing by Seban Scaria)
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