"Arab Chemical Carriers" joins "United Overseas"

Completing the first merger deal in accordance with the "Dubai International Financial" law

The Center continues to consolidate its global position thanks to its legal and regulatory framework.

From the source

The DIFC has welcomed the completion of the first cross-border merger deal, pursuant to the Corporate Financial Center Law.

Under the deal, which uses an advanced "triple merger", the "United Arab Chemical Carriers" company will join the "United Overseas Group" group, with the support of a recently formed investment alliance, at a time when the expanded group will retain its current name, "United Arab Chemical Tankers Ltd." ». A statement issued yesterday stated that this is the first transaction to be concluded pursuant to the merger terms and conditions stipulated by the "Dubai International Financial Center Companies Law" to complete mergers, and that it would pave the way for the law to be used in more deals in the future.

According to the statement, the “Companies Law” in the DIFC witnessed a series of amendments in 2018, including the amendment of the terms and conditions of the merger, while the Center’s laws are less complex and more user-friendly compared to articles of English law, and most importantly, they allow public and private companies registered. In the financial center the possibility of merging with other companies, including registered companies that were established outside the center, and in accordance with other regulatory laws.

The Chief Business Development Officer of the DIFC Authority, Salman Jeffrey, said that the center continues to consolidate its global leadership position, thanks to its legal and regulatory framework that is easy to implement and is distinguished worldwide.

On his part, Chief Legal Officer at the DIFC Authority, Jack Visser, said: “The Center prides itself on its ability to provide the best-in-class legal and regulatory structures specifically designed to take into account the relevant requirements in the region, and this is clearly reflected in the updated Companies Law that it launched. Financial Center".

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