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Arabtec to raise Dhs4.77bn by 2015
- United Arab Emirates: Thursday, March 21 - 2013 at 04:46
Dubai-based construction company Arabtec Holding has announced plans to raise its share capital through a two-phase rights issue worth Dhs4.771bn ($1.3bn), Reuters has reported. "We have adopted a phased approach to raising capital over the next two years. We aim to raise up to $650m in rights issue this year and a further rights issue of up to $650m in 2014, if needed," said Arabtec managing director and CEO, Hasan Abdullah Ismaik. The company may also issue non-convertible bonds of up to $450m at the end of the year if needed, he added.
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