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
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.