{"id":45102,"date":"2017-02-22T17:50:11","date_gmt":"2017-02-22T10:50:11","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=45102"},"modified":"2017-02-22T15:10:53","modified_gmt":"2017-02-22T08:10:53","slug":"arabtec-gains-regulatory-approval-for-capital-restructuring-plan-2","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-gains-regulatory-approval-for-capital-restructuring-plan-2\/","title":{"rendered":"Arabtec gains regulatory approval for capital restructuring plan"},"content":{"rendered":"


\nArabtec 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 years, tapping shareholders for a further Dh1.5 billion in a bid to wipe out losses accumulated over the last two years, including a Dh3.5bn net loss in 2016 alone.In a statement to the Dubai Financial Market on Wednesday, the contractor said that it has not yet set an offer price for the latest rights issue, which would initially increase the size of its capital base from Dh4.6bn to Dh6.1bn.Arabtec’s shares rose 7.9 per cent in late morning trading to 90.6 fils. However, following the fund-raising, it intends to then cancel 4.5bn worth of shares in a bid to wipe out accumulated losses of Dh4.6bn. Shares will be cancelled on a pro-rata basis. Arabtec said that it expects to finalise the terms of this recapitalisation by the end of March, when it also plans to release its fully audited accounts for 2016.The company confirmed that all shareholders are being invited to take part in the rights issue, but that principal shareholder Aabar Investments, which currently holds a 36.11 per cent stake, has agreed to take up its full entitlement and would also pick up additional shares should current shareholders opt not to take part in the issue.Mr Al Rumaithi said: “The full commitment of our largest shareholder, Aabar Investments, to the recapitalisation programme represents a huge vote of confidence in the board and in the continuing strength of our business.”The Dh1.5bn capital raising is its second in four years. In 2013, former chief executive Hasan Ismaik doubled the then size of its share base by raising Dh1.6bn as part of an expansionary push into new areas that was meant to see it concentrate on higher-margin work in oil and gas and related disciplines like MEP contracting and facilities management. This plan was abandoned following his departure in 2014, and the company began a series of restructurings under different personnel. During this time, it has posted eight successive quarterly losses. In June last year, the company also announced that it was using Dh1bn of company reserves in a bid to reduce earlier losses.mfahy@thenational.ae
\n
\nSource : thenational.ae
\nRead more…Arabtec gains regulatory approval for capital restructuring plan<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Arabtec Holding’s chairman Mohamed Al Rumaithi has said that its proposed recapitalisation programme “will provide...<\/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-45102","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-bJs","jetpack-related-posts":[{"id":45098,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-gains-regulatory-approval-for-capital-restructuring-plan\/","url_meta":{"origin":45102,"position":0},"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":47203,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-holding-to-seek-approval-for-annual-general-meeting-over-rights-issue\/","url_meta":{"origin":45102,"position":1},"title":"Arabtec Holding to seek approval for annual general meeting over rights issue","date":"March 8, 2017","format":false,"excerpt":"\r Arabtec Holding's board will meet on Sunday to discuss when it will next update shareholders on its turnaround programme, including a Dh1.5 billion rights issue to wipe out accumulated losses, the Dubai-listed contractor said yesterday. This will be its third board meeting of the year. The company is proposing\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":49114,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-sets-price-for-rights-issue-at-a-premium\/","url_meta":{"origin":45102,"position":2},"title":"Arabtec sets price for rights issue at a premium","date":"March 22, 2017","format":false,"excerpt":"\r Arabtec Holding has set the price of its rights issue at Dh1 per share, a premium of 14 per cent to Tuesday night's closing price of Dh0.86.It is undertaking the transaction as part of a recapitalisation to reduce accumulated losses of Dh4.6 billion. The pricing of the offer at\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":49118,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-sets-price-for-rights-issue-at-a-premium-2\/","url_meta":{"origin":45102,"position":3},"title":"Arabtec sets price for rights issue at a premium","date":"March 22, 2017","format":false,"excerpt":"\r Arabtec Holding has set the price of its rights issue at Dh1 per share, a premium of 14 per cent to Tuesday night's closing price of Dh0.86.It is undertaking the transaction as part of a recapitalisation to reduce accumulated losses of Dh4.6 billion. The pricing of the offer at\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":51544,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/capital-restructuring-will-allow-arabtec-to-focus-on-long-term-prospects-says-chief-executive\/","url_meta":{"origin":45102,"position":4},"title":"Capital restructuring will allow Arabtec to focus on long-term prospects, says chief executive","date":"April 11, 2017","format":false,"excerpt":"\r Arabtec Holdings's chief executive, Hamish Tyrwhitt, has said that he is confident the capital restructuring programme, for which the company will seek approval from shareholders next week, will allow the group \"to capitalise on the positive long-term outlook for the construction and engineering sector in our key geographic market\".\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":58502,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-and-drake-scull-make-progress-rebuilding-balance-sheets\/","url_meta":{"origin":45102,"position":5},"title":"Arabtec and Drake & Scull make progress rebuilding balance sheets","date":"June 20, 2017","format":false,"excerpt":"\r The UAE's two major listed contracting companies both announced that they had made progress with recapitalisation exercises aimed at rebuilding their balance sheets on Tuesday.Arabtec said that it had completed a Dh1.5 billion rights issue, which is the first step of its two-part recapitalisation programme. The company said that\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\/45102"}],"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=45102"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/45102\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=45102"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=45102"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=45102"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}