Arab Technical Construction Company reviews future strategies

Held on the 16th of November 2005, the meeting was attended by the board of directors of Arab Technical Construction Company, who assessed Arabtec LLC's current commitments, evaluated different aspects of the changes within the regional construction market and discussed the firm's future strategy.

The Board of Directors analyzed current and prospective projects and confirmed that there will be no need for an immediate increase in the company's capital. Reiterating that Arabtec possesses the financial capability to meet current goals, the Board of Directors quelled market rumors indicating any increase in capital. Arabtec also stated that the Board is completely transparent in all strategic plans and shareholders will be informed well beforehand about any decision or activity that could impact the firm's corporate structure and share price.

The Board of Directors also announced the appointment of a strategy and management consultant to advise it on future strategies for growth and diversification. The consultant's responsibilities will include analyzing the company's current performance and future tactical changes through market studies.

Speaking on the outcome of the meeting, Sheikh Butti Al Maktoum, Chairman of the Board, ATCC said:

"The recent meeting of the Board of Directors of Arab Technical Construction Company was indeed a fruitful insight into our strategy for the future, while closely evaluating our current status and performance in different activities, we concluded that there is absolutely no need for any increase in capital. Market rumors of a capital increase are baseless, and we will continue to be clearly transparent with shareholders in all policy matters and activities that could affect our share price."

"We will also expect from our strategy consultants to further review Arabtec's current strategic position, forecast market conditions and advice key strategic changes to meet future growth" concluded Sheikh Butti Al Maktoum.
Posting impressive financial results of Arabtec, representing an 88% surge in profits to Dhs 95m in the first nine months of the year, Arab Technical Construction Company continues to expand by diversifying its revenue sources through an ambitious strategy based on utilizing resources effectively and exploring market opportunities for further acquisitions, having recently acquired Austrian Arabian Ready Mix Concrete.