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Abu Dhabi – The board of National Marine Dredging Company (NMDC) has approved to sell the company's stake in Arabtec Holding, according to the company's disclosure to the Abu Dhabi Securities Exchange (ADX) on Thursday.
The board also welcomed the offer to merge with the National Petroleum Construction Company (NPCC), hence, the board has authorised the company's executive management to appoint an independent evaluator to study the deal.
Meanwhile, the board has also agreed on establishing a wholly-owned subsidiary to supervise civil contracting activities.
It is noteworthy to mention that on 16 August, NMDC has received an offer from General Holding Corporation (Senaat), a part of ADQ, and other minority shareholders in the National Petroleum Construction Company (NPCC) to merge with NPCC.
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