
Sayward Capital Corp. Signs Definitive Agreement with Technosteel Construction (L.L.C.) for Historic TSXV Qualifying Transaction
Calgary, Alberta – Sayward Capital Corp. (TSXV: SAWC.P) ('Sayward'), a capital pool company listed on the TSX Venture Exchange (TSXV), today announced it has entered into a definitive share exchange agreement with Technosteel Construction (L.L.C.), a leading UAE-based structural steel company. The transaction marks a historic first—the first time in the history of the Canadian capital markets that a UAE-headquartered operating company will be listed on a Canadian stock exchange.
The agreement, signed on March 26, 2025, outlines the terms of Sayward’s Qualifying Transaction under TSXV Policy 2.4, resulting in a new publicly traded entity anticipated to be named Technosteel Corp. Technosteel will concurrently complete a private placement of up to US$4 million to fund expansion, automation, and working capital.
Founded in 1992, Technosteel has executed over 86 major steel projects across the UAE and Middle East, including the Princess Tower, Ferrari and Maserati Showroom, and Abu Dhabi Link Bridge. With more than 1,200 employees and a monthly installation capacity of 2,000 tons, the company serves a diverse range of government and private sector clients.
Leadership Commentary
'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.' – Shyamrup Roy Choudhury, Incoming CEO
'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.' – Dr. Ahmed Abdul Rahman Albanna, Co-Managing Director
Transaction Highlights
- • Share Exchange Ratio: 711.11111 Sayward shares for every Technosteel share.
- • Private Placement: Up to US$4 million to fund growth and automation.
- • Listing: Anticipated Tier 1 Industrial Issuer status on the TSXV.
- • Finder’s Fee: US$470,370 payable to 2818390 Ontario Corp., subject to TSXV approval.
- • Name Change: Resulting Issuer expected to be named 'Technosteel Corp.' pending shareholder approval.
- • Leadership Team Post-Transaction:
- Shyamrup Roy Choudhury – CEO & Director
- Aaron Meckler – CFO
- Dr. Ahmed Abdul Rahman Albanna – Director
- Dana Ahmed Albanna – Director
- Chittransh Verma – Director
Home >> Local News and Government Section
Abu Dhabi Chamber Launches Stakeholder Engagement Drive
Etihad Airways Launches Loyalty Partnership with Vietnam Airlines
New SHEGLAM Daydreamer Mini Palette Turns Pocket-Sized into Power Pigment
Passenger Growth Hits 5% in May
Abu Dhabi population in 2024 grows 7.5% to reach 4.14m
May Air Cargo Demand Up 2.2% Despite Trade Disruptions
Return to Ritual: Celebrate Self-Care Month with BUFARMA Skincare
Summer is in Season and Etihad Airways is Bringing the Heat
Rediscover family shopping days: REDTAG opens its doors in Al Ain
VinFast VF 8: The Premium Electric SUV Empowering a New Generation of Entreprene ...
Tabreed and CVC DIF to acquire Abu Dhabi's PAL Cooling from Multiply Group
UAE Team Emirates-XRG take home five National Championship victories
Porsche Centre Abu Dhabi & Al Ain Leads Region with First Manthey Kit Installati ...
“Redefining University Leadership for the Future” Held as Part of the Sixth Conf ...
Islamic Treasury Sukuk Auction for June 2025 Attracts Bids Worth AED 6.21 Billio ...
Etihad gears up to welcome over seven million travellers this summer
Statement from Wizz Air Abu Dhabi
Implemented by Department of Government Enablement – Abu Dhabi, Abu Dhabi Govern ...
Hibrid and Alibaba Cloud Sign MoU to Deliver Advanced Streaming and Comprehensiv ...
EGA begins production with its next-generation smart smelting technology – advan ...