Sayward Capital signs definitive agreement with Technosteel Construction
- Last updated: May 9, 2025 | 11:55
Gulf Network
Sayward Capital Corp., a capital pool company listed on the TSX Venture Exchange (TSXV), has announced the signing of a definitive share exchange agreement with Technosteel Construction, a leading structural steel firm based in the UAE. This milestone transaction represents a historic first for Canadian capital markets, marking the debut of a UAE-headquartered operating company on a Canadian stock exchange.
Signed on March 26, 2025, the agreement outlines the terms of Sayward’s Qualifying Transaction in accordance with TSXV Policy 2.4. Upon completion, the resulting issuer is expected to be named Technosteel Corp. The transaction will be accompanied by a private placement of up to US$4 million, which will be used to support Technosteel’s continued expansion, automation initiatives, and general working capital requirements.
Founded in 1992, Technosteel has established itself as a dominant force in structural steel fabrication and erection across the UAE and the broader Middle East. The company has delivered more than 86 major projects, including iconic developments such as the Princess Tower, the Ferrari and Maserati Showroom, and the Abu Dhabi Link Bridge.
With a monthly installation capacity of 2,000 tons and a workforce exceeding 1,200 employees, Technosteel serves an expansive clientele spanning governmental bodies, private developers, and multinational corporations.
“This is more than a transaction—it’s a transformation. We’re proud to take a homegrown UAE engineering leader to the global capital stage. The TSXV listing will accelerate our expansion plans, drive innovation in construction automation, and open new frontiers for investor and client engagement across Canada, the GCC, and beyond,” said Shyamrup Roy Choudhury, who will serve as CEO of the resulting issuer.
Dr. Ahmed Abdul Rahman Albanna, Co-Managing Director of Technosteel, added, “This milestone is not only a first for Technosteel, but for the UAE. For the first time in history, a UAE operating company will be listed on the Canadian stock exchange. It’s a moment of immense pride for our nation and testament to the maturity, credibility, and global ambition of UAE enterprises. We are honoured to carry that flag.”
Under the agreement, each Technosteel share will be exchanged for 711.11111 common shares of Sayward. The post-transaction leadership team will include Shyamrup Roy Choudhury as Chief Executive Officer and Director, Aaron Meckler as Chief Financial Officer, and board members Dr. Ahmed Abdul Rahman Albanna, Dana Ahmed Albanna, and Chittransh Verma.