Arabtec Holding updates on capital raisings and business strategy
- United Arab Emirates: Thursday, March 21 - 2013 at 13:04
- PRESS RELEASE
Arabtec Holding PJSC (Arabtec), a leading MENA construction company specialising in complex projects, updates the market on its business strategy and its proposed capital raisings which have received approval from the Securities and Commodities Authority (SCA).
"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."
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