Arkan Appoints New Board of Directors at General Assembly Meeting

Press release

Published November 7th, 2021 - 05:54 GMT

Arkan Appoints New Board of Directors at General Assembly Meeting

Arkan Building Materials

Highlights

Arkan Building Materials Co. PJSC (ADX: ARKAN) (“Arkan” or “the Company”) appointed a new Board of Directors at the General Assembly Meeting (GAM) held virtually on Thursday, 4 November 2021.

Following the strategic combination of Arkan and Emirates Steel, which created the UAE’s largest steel and building materials company, Arkan Building Materials Co. PJSC (ADX: ARKAN) (“Arkan” or “the Company”) appointed a new Board of Directors at the General Assembly Meeting (GAM) held virtually on Thursday, 4 November 2021. The meeting was chaired by HE Eng. Jamal Salem Obaid Salem Al Dhaheri.

The new Board of Directors comprises of:

HE Eng. Jamal Salem Obaid Salem Al Dhaheri
HE Saeed Ghumran Saeed Salem Alremeithi
Hamad Abdulla Mohamed AlShorafa Alhammadi
Abdulaziz Abdulla Ismail Mohamed Alhajri
Nabeel Qadir
Fatima Abdulla Mohamed Sharif Abdulla Alfahim
Farah Abdulla Mohamed Ali Almazrui

HE Eng. Jamal Salem Al Dhaheri said: “I would like congratulate the new board members on their appointment and thank Arkan’s previous board members for their contribution to the Company. The strategic combination between Arkan and Emirates Steel repositions the Company towards long-term sustainable and diversified growth. I look forward to working alongside the new board to unlock new business opportunities and expand our footprint in the region and globally.”

Arkan announced the legal completion of the transaction on 4 October 2021, following the receipt of all regulatory approvals. Under key terms of the offer, Arkan issued to Senaat a convertible instrument, which converted into 5.1 billion ordinary Arkan shares. The transaction provides significant revenue diversification for the Combined Group and marks the first time that investors have access to a steel producer on a UAE public market.

Background Information

Arkan Building Materials Co.

Arkan strives to play a key role in Abu Dhabi Government diversification drive to deliver the 2030 vision.

Arkan Building Material Company PJSC (ADX: ARKAN) is a public joint stock company based in Abu Dhabi and specializing in the manufacture of building and construction products. The group is 51% owned by SENAAT, an entity wholly owned by the Government of Abu Dhabi to promote sustainable industrial activity in Abu Dhabi with the remaining 49% of the shares are held publicly and traded in Abu Dhabi Stock Exchange.