Arabtec, Tikehau keep rights issue market busy

Arabtec_PA_230x150
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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