UAE - Mubasher: The Dubai International Financial Centre (DIFC) has witnessed the completion of the first cross-border merger using its Companies Law.
Dubai-based United Arab Chemical Carriers Limited (UACC) has merged with United Overseas Group Limited (UOG), a company managed from Athens in Greece and controlled by Peter Georgiopoulos and Leonidas Vrondissis, according to a press release on Sunday.
The enlarged group will continue to be known as United Arab Chemical Carriers Limited.
Updated in 2018, the Companies Law enables both public and private companies, established in DIFC, to merge with other companies, including those set up in jurisdictions outside the Centre.
The Chief Business Development Officer at DIFC Authority, Salmaan Jaffery, said: "We remain focused on delivering best-in-class support for businesses to ensure they have the opportunities to grow and scale within our community and across the region."
