National Marine Dredging Co.

The Abu Dhabi Securities Exchange received a notification that NMDC Group PJSC has been awarded a new project. The project, valued at AED 5,050,000,000, involves marine dredging, reclamation, and ground improvement works for Modon Company in Abu Dhabi. The information was also shared with the Securities and Commodities Authority.

The General Assembly Meeting of NMDC Group PJSC was held on Thursday, 29 August 2024, from 3:00pm to 3:30pm at the company's head office in Mussafah, Abu Dhabi, with virtual participation. The meeting was chaired by H.E Mohamed Al Hammadi, Vice Chairman of the Board of Directors, and had a quorum of 90.2%, all through electronic voting. The following ordinary resolutions were approved: entering a transaction with a related party involving the purchase of commercial land plots in exchange for shares in a subsidiary, authorizing the Board of Directors or their designee to implement the resolutions, and appointing Mr. Abdulla Mohamed Ahmed Al Suwaidi as a board member to complete the term of his predecessor.

NMDC Group is set to list its wholly owned subsidiary, NMDC Energy, on the Abu Dhabi Securities Exchange (ADX) following an initial public offering (IPO) of 1.15 billion shares at AED 2.8 per share. The IPO aims to raise up to AED 3.22 billion and will run from 30 August 2024 to 4 September 2024, with the listing scheduled for 11 September 2024. First Abu Dhabi Bank PJSC is the lead manager, with other banks participating in the IPO. NMDC Energy, established in 1973 and formerly known as the National Petroleum Construction Company, provides engineering, procurement, and construction services in the energy sector, primarily operating in the UAE, Saudi Arabia, Kuwait, and Taiwan. The company has completed over 1,200 projects and owns significant stakes in various engineering firms.