Arabtec builds up to $1.7bn equity raise

Arabtec, a United Arab Emirates-based construction company, is to raise AED6.4bn ($1.74bn) through a rights issue and convertible bond that will help finance expansion strategies and restructuring.

  • 28 Feb 2013

The rights issue will offer shareholders two new shares for every one they hold, at AED1.50 each, to rasie AED4.77bn. That represents a 50% discount to Wednesday’s AED2.96 close, before the deal was announced, and a 20.5% discount to the theoretical ex-rights price.

The shares fell 10% in response ...

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