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
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