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.
You might also like...
Countries sign Iraq to Europe road agreement
26 April 2024
Jubail 4 and 6 bidders get more time
26 April 2024
Amiral cogen eyes financial close
26 April 2024
Lunate acquires 40% stake in Adnoc Oil Pipelines
26 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.