Arabtec, Tikehau keep rights issue market busy

By GlobalCapital
20 Jun 2017

Arabtec Holding, the United Arab Emirates’ largest listed construction firm, said on Tuesday its rights issue was fully subscribed, raising Dh1.5bn ($408m) for a recapitalisation.

The fundraising boosts Arabtec’s share capital from Dh4.6bn to Dh6.1bn, it said in a statement. The rights shares began trading last Wednesday.

Proceeds from the share sale, which dilutes its share capital by 25%, will fund completion of projects and give Arabtec financial flexibility to pursue growth opportunities.


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