Page 57 - magazine June 2021

Companies News Contractors News

Azizi Developments Appoints Arkan receives an offer to merge with Emirates Steel

Multiscale Aluminium & Metal

Industries for Glass, Aluminium, and Metal Works

across 31 Buildings

The Board of Directors of Arkan Building Materials Steel”, this means that the value of the shares owned

Company (Arkan) announced today that it has by “Arkan” is estimated at 1.4 billion dirhams. After

received an offer from the General Holding Company. completing the deal, Senaat owns about 87.5% of the

Azizi Developments, has announced the appointment move that our investors will benefit from immensely Industries Affiliated to Holding (ADQ), to unify the total shares of the combined group.

of Multiscale Aluminium & Metal Industries LLC through a noteworthy value-add in the form of the business of Emirates Steel, which is wholly owned by The board of directors of “Arkan” considers the

for aluminum, glass, and metal works for 31 of its highest quality of materials at reasonable, competitive “Senaat”, with “Arkan” company. proposed transaction by “Senaat” before submitting

projects across Dubai Healthcare City, Al Furjan, and prices, making our properties more affordable and Emirates Steel, which is headquartered in Abu Dhabi, any recommendations to the shareholders. In

MBR City. customer ROIs even higher.” is one of the pioneers in the iron and steel industry in the event that an agreement is reached between

Multiscale Aluminium & Metal industries is a Riviera, one of the projects encompassed by this new the Middle East region. the two parties, the general assembly of Arkan

specialist in metal, aluminum, glassworks, external agreement, will be home to 71 mid-rise buildings, The basic provisions of the proposed offer include convenes to consider approving the deal during the

cladding, canopies for villas and mid- and high-rise overlooking an extensive retail boulevard, a canal walk Senaat transferring the total issued shares of second half of 2021. At the present time, there is

buildings. with artisan eateries and boutiques, and Les Jardins Emirates Steel to Arkan, provided that Arkan will issue no confirmation of the two parties ’agreement to

Mohamed Ragheb Hussein, Chief Development — a lush-green social space. The stylish waterfront- compulsory bonds in favor of Senaat in exchange for complete this deal.

Officer at Azizi Developments, said, “After a stringent, lifestyle destination, which is part of the internationally convertible bonds to about 5.1 billion ordinary shares It is noteworthy that this offer will remain subject to

comprehensive review of all possible supplier options, acclaimed MBR City, will comprise approximately in Arkan upon closing the deal. . obtaining the necessary regulatory and governmental

Multiscale has emerged as the absolute best pick 16,000 residences that are conveniently located in The offer sets the price of the bonds convertible into approvals, including the approval of the Securities

for our aluminum, metal and glass needs. We are the midst of all the business, leisure, and retail hubs shares in “Arkan” at 0.798 dirhams per share. and Commodities Authority, in addition to obtaining

delighted to welcome their work to our projects – a of the city. When applied to the valuation of “Senaat” of “Emirates the approval of Arkan shareholders.

18 19