Arabtec gets regulatory nod for recapitalisation

The approval is subject to the completion of Arabtec's 2016 full-year financial audit and final approval from the regulator

NEWS, Business, Arabtec, Arabtec receives approval for recapitalisation, Recapitalisation programme, Stock market regulator

Dubai-based contractor Arabtec has received approval in principle from the stock market regulator for its recapitalisation programme, it said on Wednesday.

The approval is subject to the completion of Arabtec's 2016 full-year financial audit and final approval from the regulator, it, said, according to Reuters.

The contractor made a net loss of $803.4m in the three months to 31 December, it reported on 13 February, causing shares to drop nearly 10% at the announcement.

Arabtec has enlisted the assistance of boutique investment bank, Moelis, to study options for its capital structure.

The move is said to follow work conducted in collaboration with AlixPartners towards the end of 2016, in an effort to reduce overheads at the company.

Read more - Arabtec working with boutique investment bank

 

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