Page 61 - magazine Jun 2020

Company News

Dubai contractor Al Shafar buys 15%

stake in UK’s Costain

Joint Corporate Broker) and HSBC as Joint Global
Coordinator and Joint Book runner.
According to Costain, 80 million is being raised
through a firm placing, whle the rest of £20 million
will done through placing and open offer of, in
aggregate, 166.6 million new ordinary shares at
an issue price of 60 pence per share.
This strategic investment from the Emirati group A vertically integrated construction group based in
comes as a shot in the arm to Costainwhich is Dubai, ASGC is best known for delivering turnkey
raising £100 million ($124 million) from the capital special projects in the UAE. One among the 26
markets in a share issue underwritten by Liberum companies within the Al Shafer Group, it owns the
Capital and Investec Bank (who are acting as majority of the group’s supply chain and utilizes
Joint Global Coordinator, Joint Book runner and mostly in-house resources.

ALEC introduces effective measures on

construction site to combat COVID-19

Leading UAE based contractor, ALEC, have in and disembarking from buses, conducting
introduced stringent measure to combat continuous sterilization of work sites and project
COVID-19 at construction sites according to Dubai extensions, avoiding overcrowding in temporary
Municipality measures. and permanent elevators, providing dedicated
These measures include wearing protective waste containers on site, providing protective
masks and gloves, providing sterilization clothing for workers in project warehouses,
equipment in multiple locations at the site, distributing timings for workers’ breaks to ensure
measuring the temperature of workers before physical distancing, ensuring office workers at the
entering the site, maintaining physical distancing site maintain physical distancing, and providing
and avoiding gatherings, ensuring workers keep a disposable plates and cups.
safe distance between each other while travelling

Contractors News Magazine 21