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.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2020 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.