UAE: Arabtec working with boutique investment bank
Arabtec has enlisted the assistance of boutique investment bank, Moelis, to study options for its capital structure, anonymous sources have told Reuters
Arabtec has enlisted the assistance of boutique investment bank, Moelis, to study options for its capital structure, sources have told Reuters.
The sources, who chose to remain anonymous, said that the move follows work, conducted in collaboration with AlixPartners towards the end of 2016, to reduce overheads at the UAE-headquartered contractor.
The sources also told Reuters that the latest study was in its early stages, and that no decision has been taken by Arabtec’s board with regards to specific action.
Arabtec did not respond to Reuters’ requests for comment, and a spokesperson for Moelis was not immediately contactable.
In Q3 2016, Arabtec made a loss of $61.4m (AED225.5m), which was attributable to the owners of its parent company.
This figure had narrowed from the $257m (AED944.8m) loss recorded during the corresponding period of the previous year.