Arabtec to begin $650m rights issue in June

26 May 2013

Arabtec shareholders approved $1.75bn capital raising programme in April

Arabtec received approval to begin the subscription of its paid-up capital on 9 June, the UAE’s Securities and Commodities Authority said in a statement on 23 May. The Dubai-based company had said previously that it plans to raise AED2.4bn ($653.46m) through a rights issue.

In April, Arabtec’s shareholders approved a $1.75bn capital raising programme.

The company is majority-owned by Abu Dhabi-based Aabar Investments, which has been tightening its grip on the group. In March, Arabtec restructured its management, appointing Hasan Ismaik as its chief executive officer (CEO).

According to MEED Projects, Arabtec is bidding for $2.7bn of contracts expected to be awarded this year, including $572m-worth of projects being developed by Aabar.

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