Arabtec Holding updates on capital raisings and business strategy

Hasan Abdullah Ismaik, Managing Director and CEO, Arabtec Holding, commented: "We are pleased to have received formal approval from SCA regarding our proposed capital raisings. The capital raisings are essential in helping us to achieve our strategy. It will also provide our shareholders the opportunity to be part of our growth and value creation over the coming years.

"We have adopted a phased approach to raising capital over the next two years. We aim to raise up to Dhs2,385m/$650m in rights issue this year, a further rights issue of up to Dhs2,385m/$650m in 2014, if needed. We may also issue a non-convertible bonds of up to Dhs1,653m/ $450m at the end of the year if needed. The capital raisings will ensure that funds are available at the right time and enable our shareholders to participate in each stage of our future growth."