National Marine Dredging Company (ADX:NMDC) agreed to acquire Certain Assets of Golden Falcon Marine for approximately AED 630 million on April 4, 2023. The transaction is subject to approval of the issuance by the Company of mandatory convertible bonds with a nominal value of AED 1 each in an aggregate principal amount of AED 624.8 million to Golden Falcon at a price of AED 32.24 per bond. Such mandatory convertible bonds shall be converted into 19,379,653 new shares with a nominal value of AED 1 each in National Marine's shares and the issued share capital of National Marine shall be increased to AED 840 million on conversion of such mandatory convertible bond.

The the board of NMDC approved the Acquisition and the Exchange Ratio and subject to shareholders approval on April 28, 2023. The board of NMDC appointed Mazars as an independent valuer on March 14, 2023.