Abu Dhabi – Mubasher: NMDC LTS, wholly owned by National Marine Dredging Company (NMDC), inked a definitive agreement to acquire a 70% stake of the share capital and voting rights of Emdad LLC from its current shareholders.
The acquisition will enable the ADX-listed group to expand into oilfield services and diversify its portfolio, according to a bourse disclosure.
In this regard, NMDC will secure a wider range of services, including operations and maintenance, complementing its existing expertise in engineering, procurement, construction, and installation (EPCI).
However, the transaction is still subject to a number of conditions and fulfilment of certain requirements including, obtaining required regulatory approvals.
Founded in 1979, Emdad recorded strong revenue growth and a robust balance sheet. The company secured long-standing relationships with key customers, including ADNOC, Borouge, and Emirates Global Aluminum (EGA).
NMDC recently unveiled a project deal valued at AED 168.55 million from Ramhan Development L.L.C.
