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Arabtec shareholders approve $1.8bn capital hike
- United Arab Emirates: Monday, April 15 - 2013 at 05:04
Dubai-based developer Arabtec has said its shareholders have approved a $1.8bn capital increase programme, paving the way for its regional expansion plans, Reuters has reported. The company had said previously that the funds would be raised through a rights issue and debt issuances. It plans to raise the money in stages with Dhs2.4bn ($653.46m) to be raised through a rights issue before the end of June. The company will use the cash raised from shareholders across four of its business areas. Some 55% will help to support growth in its oil and gas, infrastructure and power business and 25% will go on building affordable housing projects.
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