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NMDC LTS moves to acquire 70% stake in Emdad: NMDC’s new logistics arm, NMDC LTS, is set to acquire a 70% stake in Abu Dhabi-based oil and gas services firm Emdad for an undisclosed sum, according to an ADX disclosure (pdf) released last week. The agreement is pending regulatory approvals and endorsements from stakeholders within and outside the UAE.
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About Emdad: The Abu Dhabi-based company provides oilfield services, including operations, maintenance, and well construction, offering offshore and logistical support, vessel management, cross chartering, and offshore transportation.
It’s not just oil and gas: NMDC will tap into Emdad’s shipping and marine services subsidiary Marcap, which offers several marine services, including offshore and logical support, cross chartering and vessel management, and offshore transportation.
Emdad’s clients: Emdad has long-standing relationships with major players in the industry, including Adnoc, Borouge, and Emirates Global Aluminum (EGA).
There’s been hints: NMDC has been looking to acquire a 70% stake in Emdad since July. The company submitted a binding offer of an undisclosed value after completing due diligence.
ICYMI- NMDC Group launched NMDC LTS this week with a focus on marine logistics and technical operations as part of the company’s strategy to diversify its portfolio.
NMDC has been on the move: The company has been eyeing developing new business units, including NMDC Construction and NMDC LNS. NMDC Group will develop a USD 300 mn chemicals port as part of a Ta’ziz awarded contract. NMDC Energy inked a 50-year lease agreement in June to set up a new manufacturing facility in the zone back in September.
