According to Don Featherstone, chief executive officer of Mushrif, the proposal was approved by 85 per cent of shareholders at a meeting on 27 July.
The capital raising is expected to be completed by September.
Featherstone says the finance is being raised to strengthen the company's balance sheet and provide additional capital to expand its operations (MEED 20:7:08).
The contractor is currently relocating its corporate headquarters from Kuwait to Abu Dhabi as it looks to capitalise on the fast-growing construction sector in the UAE.
While the firm will continue to have a base in Kuwait, Featherstone says the developments planned and under way in Abu Dhabi represent key opportunities for growth (MEED 8:7:08).
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.