Arabtec appoints new mergers specialist
Ahad-Choudhury previously worked at Deutsche Bank and Goldman Sachs
UAE-based contractor Arabtec has appointed Shohidul Ahad-Choudhury as its new head of mergers and acquisitions, suggesting that the firm will look to acquire as part of its new growth strategy.
The company has recently announced plans to raise $1.3bn through rights issues - $650m this year and a further $650m in 2014 - and a potential further $450m through the issue of non-convertible bonds, if required. It said that Ahad-Choudhury will be responsible for implementing new strategy, mergers and acquisitions as well as for 'strategic financing' and the creation of joint ventures.
Ahad-Choudhury joins from Deutsche Bank, where he worked for over 12 years and was most recently responsible for banking activities in Oman, Bahrain and Kuwait.
Prior to that, he worked at Goldman Sachs. He has also played a role in a number of major deals in the oil, gas and infrastructure sector, incuding Abraaj Capital's $1.9bn buy-out of Egyptian Fertiliser Co and SABIC's $826m purchase of Huntsman's petrochemicals business in Europe.
Arabtec CEO Hasan Ismaik said: “We are pleased to have Shohidul join the senior management team. He brings extensive experience in strategic planning, mergers and acquisitions and financing, with over 15 years of specific sector experience in industrials, oil and gas and petrochemicals, which is an essential element of our future growth strategy”.
Ahad-Choudhury added: “The construction industry is back to health and Arabtec is well-positioned to capture this growth. The company’s strategy for expansion in oil and gas, power, infrastructure and affordable housing is supported by strong industry fundamentals, experience and its institutional support. I am delighted to join Arabtec and be part of this dynamic growth story”.
In November last year, Arabtec acquired a 24% stake in interior design contractor Depa for $65.8m. It has also recently been linked with the purchase of the remaining 40% of oil & gas contractor Target Engineering which it does not already own, although it has declined to comment on this. Arabtec bought an initial 60% stake in Target Engineering in 2007.