Abu Dhabi – Mubasher: The board of National Marine Dredging Company (NMDC) has made an initial approval to the offer of the National Petroleum Construction Company's (NPCC) shareholders for acquisition.

This approval was made after the board had agreed on the evaluation report made by KPMG, according to the company's disclosure to the Abu Dhabi Securities Exchange (ADX) on Thursday.

Meanwhile, the board has authorised the executive management to complete the offer-related financial and legal reviews prior to the ordinary general meeting (OGM).

It is noteworthy to mention that in mid-August, NMDC has received an offer to acquire NPCC and issue a convertible instrument of 575 million shares to NPCC, representing 69.70% of the issued share capital of NMDC.