Proposed combination would bring Latvia-based design, engineering and manufacturing together with a Riyadh-headquartered development and delivery platform as EcoModular advances public-market readiness in the United States
DUBLIN, IRELAND / ACCESS Newswire / July 21, 2026 / EcoModular (Ascotway Limited, trading as "EcoModular"), a developer of volumetric modular construction, today announced that it has signed a definitive Combination and Share Exchange Agreement for a proposed combination of three complementary businesses, EcoModular, IDS Build ("IDS") and Modul Consult, into a single platform for volumetric modular delivery spanning Europe, the United Kingdom and the wider Gulf Cooperation Council ("GCC") region.
Under the agreement, EcoModular would acquire a 60% interest in Modul Consult, including its Latvia-based modular design, engineering and manufacturing operations, operating team and related delivery capability, and a 20% interest in IDS, an integrated development, project-management, modular-construction and consultancy platform headquartered in Riyadh with operations across the United Kingdom, the Kingdom of Saudi Arabia, the United Arab Emirates, Türkiye and Latvia. Together, these interests are intended to give EcoModular greater control and visibility across the full project lifecycle, from design and factory production through project management and on-site delivery.
EcoModular builds structures by assembling precision-engineered modules into finished buildings. The proposed transaction applies the same logic at the corporate level by coordinating manufacturing, engineering, project development, project management and delivery capabilities within one platform. The objective is to reduce fragmentation between the factory and the project site, support larger project pipelines and provide customers with a more integrated route from initial design through completion.
A platform built for high-growth construction markets
The combined platform is intended to pair European volumetric manufacturing and engineering with an established Gulf and UK development and delivery footprint. Modul Consult would contribute Latvia-based design, engineering, manufacturing and operating capability, while IDS would contribute project development, management, modular construction, consultancy and delivery relationships across its operating markets. EcoModular would coordinate these capabilities under a common commercial and execution strategy. The parties also agreed a framework under which new projects won collectively through the combined platform on or after the effective date will be shared between them on agreed terms, aligning the businesses around a common pipeline.
Consideration and structure
Upon completion of the proposed combination, the consideration under the agreement would be satisfied solely in new ordinary shares of EcoModular, credited as fully paid and priced by reference to the Company's planned direct-listing valuation. EcoModular would issue consideration shares in exchange for the 60% interest in Modul Consult and the 20% interest in IDS.
The consideration shares would rank alongside EcoModular's existing ordinary shares from issuance, subject to customary lock-up undertakings aligned with the Company's direct-listing arrangements and applicable securities-law resale restrictions.
Advancing U.S. public-market readiness
EcoModular is preparing for a potential direct listing of its ordinary shares on a senior U.S. securities exchange and is working with its advisers on a registration statement on Form 20-F under the U.S. Securities Exchange Act of 1934. No U.S. securities exchange has approved the Company's securities for listing, and any listing remains subject to review by the U.S. Securities and Exchange Commission, satisfaction of the applicable exchange's eligibility and approval requirements, market conditions and completion of other required steps. Accordingly, no assurance can be given as to the timing or completion of any listing. The definitive agreement is intended to be filed as an exhibit to, and described in, the Company's Form 20-F registration statement. Completion of the proposed combination is expected to occur only following completion of any U.S. senior exchange listing and remains subject to customary conditions, including delivery of independent valuations, preparation of financial and corporate information to the applicable audit standard, and receipt of necessary regulatory, corporate and third-party approvals.
Management and partner commentary
Edvinas Cinga, Chief Executive Officer of EcoModular, said:
"This is a deliberate, engineered combination. Bringing Modul Consult's manufacturing and engineering capability inside the platform, alongside a stake in IDS's development and delivery footprint, would give us a continuous line of sight from the factory floor in Latvia to projects across the UK and the Gulf. Our focus now is disciplined execution as we advance our public-market readiness and prepare the businesses for integration."
Ermins Sniedze, Principal of Modul Consult, said:
"Placing our Latvia operations, engineering team and manufacturing capability within the EcoModular platform is the natural next step for the business we have built. It would give our people a larger canvas and connect our factory more directly to demand across Europe and the Gulf."
Bülent Peker, Principal of IDS, said:
"IDS has built real delivery capability across the Gulf, the UK and beyond. Aligning with EcoModular under one platform would allow us to match that delivery strength with European manufacturing at scale and give our clients greater certainty from design through to completion."
Niall Shanahan, Chairman of EcoModular, said:
"Modular construction has always been about assembling the right components into something greater than the sum of its parts. That is exactly what this proposed combination is designed to do at a corporate level. We are seeking to join European manufacturing precision with a proven Gulf delivery platform in a single, transparent structure as we advance our U.S. public-market readiness. It positions EcoModular to build at scale across two of the world's most active and demanding construction markets."
About EcoModular
EcoModular (Ascotway Limited, trading as EcoModular) is a developer of volumetric modular construction, incorporated in Ireland and headquartered in Rathcoole, Co. Dublin. If completed, the proposed combination announced today would support the development of a single platform for volumetric modular delivery across Europe, the United Kingdom and the wider Gulf Cooperation Council region.
About IDS Build
IDS is an integrated development, project management, modular construction and consultancy platform headquartered in Riyadh, Kingdom of Saudi Arabia, with operations across the United Kingdom, the Kingdom of Saudi Arabia, the United Arab Emirates, Türkiye and Latvia.
About Modul Consult
Modul Consult is a modular design and manufacturing business based in Riga, Latvia, comprising manufacturing operations, engineering capability and an experienced delivery team.
Media and Investor Contact
EcoModular Investor Relations
Simona Mileskaite · simona@ecomodular.com
Unit 518A Grants Crescent, Greenogue Business Park, Rathcoole, Co. Dublin, D24 FD53, Ireland
No offer or solicitation. This press release is for informational purposes only and does not constitute an offer to sell, or the solicitation of an offer to buy, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any securities referred to in this release have not been and, at the date of this release, are not registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act. Any offering of securities will be made only by means of a registration statement (including a prospectus) filed with the U.S. Securities and Exchange Commission (the "SEC").
Forward-looking statements. This release contains "forward-looking statements" within the meaning of applicable securities laws, including statements regarding the proposed combination, a potential direct listing on a senior U.S. securities exchange and its timing, the expected structure and consideration, and the anticipated benefits of the combination. These statements are based on current expectations and assumptions and are subject to known and unknown risks and uncertainties, many of which are beyond the Company's control, including the satisfaction of conditions to completion, the timing and completion of any direct listing, the review of any registration statement by the SEC, the satisfaction of applicable exchange eligibility and approval requirements, market conditions, the outcome of independent valuations and audits, and the receipt of required regulatory, corporate and third-party approvals. No U.S. securities exchange has approved the Company's securities for listing. Actual results may differ materially from those expressed or implied. Except as required by law, the Company undertakes no obligation to update any forward-looking statement. Nothing in this release should be relied upon as a promise or representation as to future results.
SOURCE: Ascotway Ltd
View the original press release on ACCESS Newswire:
https://www.accessnewswire.com/newsroom/en/industrial-and-manufacturing/ecomodular-signs-definitive-agreement-to-create-integrated-european-ma-1194003
