{"id":15066,"date":"2016-06-01T18:08:44","date_gmt":"2016-06-01T11:08:44","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=15066"},"modified":"2016-06-01T16:29:33","modified_gmt":"2016-06-01T09:29:33","slug":"arabtec-to-use-dh1-billion-reserves-to-wipe-out-losses","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-to-use-dh1-billion-reserves-to-wipe-out-losses\/","title":{"rendered":"Arabtec to use Dh1 billion reserves to wipe out losses"},"content":{"rendered":"


\nA meeting of shareholders in Dubai-listed construction firm Arabtec Holding approved on Wednesday a plan to use Dh1 billion of the company’s statutory reserves to wipe out some of its accumulated losses.The company has been struggling with a difficult industry environment as Arabian Gulf economies slow and governments restrain spending because of low oil prices. The Dh1bn will cover 44 per cent of the company’s accumulated losses, leaving a reserves balance of 148 million dirhams, officials said.Arabtec has hired restructuring advisory firm AlixPartners to help it strengthen its capital structure and reform its business. Vice chairman Mohamed Al Mehairi said the work of advisors in drawing up a restructuring plan was “going very well and should be completed very soon”.In 2014, Arabtec agreed in principle to build 1 million homes for middle-income Egyptians by 2020 in a $35bn project, but the company and the Egyptian government have not agreed on specifics since then, and Egyptian officials have said talks are now focusing on much smaller numbers of housing units.Saeed Al Mehairbi, acting group chief executive of Arabtec, said of the Egyptian project on Wednesday: “We put conditions that suit us as contractors and they haven’t got back to us yet.”Arabtec shareholders also approved the appointment of two new members to an expanded seven-person board: Tariq Al Masood and Ghannam Al Mazrouei.business@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Arabtec to use Dh1 billion reserves to wipe out losses<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A meeting of shareholders in Dubai-listed construction firm Arabtec Holding approved on Wednesday a plan...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-15066","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-3V0","jetpack-related-posts":[{"id":52193,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-shareholders-approve-rights-issue\/","url_meta":{"origin":15066,"position":0},"title":"Arabtec shareholders approve rights issue","date":"April 18, 2017","format":false,"excerpt":"\r Arabtec's shareholders approved all of the resolutions set out at its annual general meeting today, including a proposal to undertake a capital restructuring that will see it raise Dh1.5 billion through a rights issue, and the subsequent cancellation of more than 4.6 billion shares allowing it to write down\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":19728,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-agrees-dh400-million-debt-facility-provided-by-aabar\/","url_meta":{"origin":15066,"position":1},"title":"Arabtec agrees Dh400 million debt facility provided by Aabar","date":"July 14, 2016","format":false,"excerpt":"\r Arabtec Holding, the country's largest-listed construction company, has agreed a Dh400 million debt facility to be provided by its largest shareholder. In a statement to the Dubai Financial Market, Arabtec said that the loan would be provided by Aabar, the investment fund controlled by the Abu Dhabi government. Arabtec,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":45098,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-gains-regulatory-approval-for-capital-restructuring-plan\/","url_meta":{"origin":15066,"position":2},"title":"Arabtec gains regulatory approval for capital restructuring plan","date":"February 22, 2017","format":false,"excerpt":"\r Arabtec Holding's chairman Mohamed Al Rumaithi has said that its proposed recapitalisation programme \"will provide the foundation for building a successful and sustainable future for the group\".The company has gained approval in principle from regulators for the recapitalisation, which will see it undertake its second rights issue in four\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":45102,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-gains-regulatory-approval-for-capital-restructuring-plan-2\/","url_meta":{"origin":15066,"position":3},"title":"Arabtec gains regulatory approval for capital restructuring plan","date":"February 22, 2017","format":false,"excerpt":"\r Arabtec Holding's chairman Mohamed Al Rumaithi has said that its proposed recapitalisation programme \"will provide the foundation for building a successful and sustainable future for the group\".The company has gained approval in principle from regulators for the recapitalisation, which will see it undertake its second rights issue in four\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":43923,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-in-dh1-5bn-rights-issue-as-full-year-losses-widen\/","url_meta":{"origin":15066,"position":4},"title":"Arabtec in Dh1.5bn rights issue as full year losses widen","date":"February 13, 2017","format":false,"excerpt":"\r Arabtec has announced a Dh1.5 billion rights issue in an attempt to pull the beleaguered Burj Khalifa builder out of the red after the company announced widening annual losses on Monday morning.In a statement to the Dubai Financial Market Arabtec said it was planning its second offering in three\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":43937,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-in-dh1-5bn-rights-issue-as-full-year-losses-widen-amid-weak-construction-market-in-gulf\/","url_meta":{"origin":15066,"position":5},"title":"Arabtec in Dh1.5bn rights issue as full year losses widen amid weak construction market in Gulf","date":"February 13, 2017","format":false,"excerpt":"\r Arabtec has announced a Dh1.5 billion rights issue in an attempt to pull the beleaguered Burj Khalifa builder out of the red after the company announced widening annual losses on Monday morning.In a statement to the Dubai Financial Market Arabtec said it was planning its second offering in three\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/15066"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=15066"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/15066\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=15066"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=15066"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=15066"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}