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Arabtec plummets over 9 pct, names new CEO
- United Arab Emirates: Thursday, February 28 - 2013 at 13:49
The DFM General Index closed Thursday trading 0.61% lower at 1,927.10 points. The UAE's first construction firm Arabtec was in the focus, ending off 9.80% at Dhs2.67. Earlier in the day, Arabtec said it has appointed Hasan Ismaik to replace Riad Kamal as chief executive officer, and said it plans to raise Dhs6.4bn ($1.74bn) through a rights issue and a convertible bond, Bloomberg has reported. Kamal resigned as CEO, the company said, without providing details. Arabtec plans to issue 3.18 billion shares at Dhs1.5 each, the company. It will sell $450m in convertible bonds and pay no dividend for 2012. The funds will be used to fund internal growth, acquisitions and joint ventures, it said. Gains in market heavyweights Emaar (up 1.34%) failed to lift the sentiment at the DFM, where 10 shares advanced, while 20 declined.
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Gérard Al-Fil, Financial JournalistThursday, February 28 - 2013 at 13:49 UAE local time (GMT+4)
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