09
May
19:43
ESI to merge with Senaat building materials subsidiary
Emirates Steel (ESI) owner General Holding Corporation (Senaat) has submitted an offer to merge the steelmaker with Senaat building materials subsidiary Arkan.
Upon closing of the transaction, the convertible instrument issued by Arkan to Senaat would automatically convert into approximately 5.1 billion ordinary shares at a fixed price of AED 0.798 ($0.22) per share in Arkan’s capital. When applied to Senaat’s valuation of Emirates Steel, the…
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Anonymous
Very good overview of the weekly steel market.
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