Calgary, Alberta: In a landmark move for international capital markets, UAE steel company Technosteel Construction (L.L.C.) has signed a definitive share exchange agreement with Sayward Capital Corp., a TSXV-listed capital pool company. This transaction marks the first-ever listing of a UAE-headquartered operating company on the TSX Venture Exchange (TSXV).
Signed on March 26, 2025, the deal constitutes Sayward’s Qualifying Transaction under TSXV Policy 2.4. Once complete, the resulting issuer will be named Technosteel Corp., classified as a Tier 1 Industrial Issuer. A concurrent private placement of up to US$4 million will fund Technosteel’s expansion, automation efforts, and working capital.
Founded in 1992, the UAE steel company has led over 86 major projects including the Princess Tower and the Abu Dhabi Link Bridge. It boasts a monthly installation capacity of 2,000 tons and employs over 1,200 people. Its diverse clientele includes government agencies and global developers.
“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 convert into 711.11111 Sayward shares. The leadership team will include executives from both companies, supporting Technosteel’s global growth mission.
With this move, the UAE steel company takes a bold step onto the global capital stage, symbolising international investor confidence in UAE industrial capabilities.
