Built to inform

Sign up for the daily newsletters

No, Thank you

Arabtec shareholders approve rights issues

Arabtec Holding has approved a planned $408.4m rights issue during a stakeholder meeting on Tuesday, sources close to the matter said

Shareholders also approved plans to reduce the company's capital.
Shareholders also approved plans to reduce the company's capital.

Arabtec Holding has approved a planned $408.4m rights issue during a stakeholder meeting on Tuesday, sources close to the matter said.

Shareholders also approved plans to reduce the company's capital and wipe out accumulated losses, Reuters reported.

Earlier reports indicated that Arabtec was asking banks to waive terms on its debt and had been in talks with its main creditors over the past month to waive the right for banks to call in facilities extended to the business, according to Reuters sources.

On Monday, the company announced the appointment of Peter Pollard as new group chief financial officer (CFO) ahead of the meeting and said that he will oversee the company's recapitalisation programme.

Arabtec has been struggling with the continued depressed market conditions as well as several senior management changes over the last two years.

Most popular

Awards

Construction industry conversations around digitisation must evolve
The Middle East construction industry’s approach to tech must evolve and focus on how can

Conferences

Construction industry conversations around digitisation must evolve
The Middle East construction industry’s approach to tech must evolve and focus on how can
New Kuwait 2035 vision spurs economic diversification in 2019
GCC country's engineering milestones to be discussed at Leaders in Construction Summit Kuwait 2019 on

Latest Issue

Construction Week - Issue 751
Oct 13, 2019