{"id":45274,"date":"2017-02-24T00:48:02","date_gmt":"2017-02-23T17:48:02","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=45274"},"modified":"2017-02-23T22:10:40","modified_gmt":"2017-02-23T15:10:40","slug":"chief-executive-of-arabtecs-construction-unit-to-step-down","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/chief-executive-of-arabtecs-construction-unit-to-step-down\/","title":{"rendered":"Chief executive of Arabtec's construction unit to step down"},"content":{"rendered":"


\nRaja Ghanma, the chief executive of Arabtec Construction, is to step down from the company. Mr Ghanma, who has been with the company for 23 years, is to leave the company by the end of next week. It is understood that Mr Ghanma will not be replaced in the short-term, with his responsibilities instead being shared jointly by Arabtec Holding’s group chief executive Hamish Tyrwhitt and other members of the Arabtec Construction’s management team.In an internal memo sent to staff, Mr Trywhitt said: “On behalf of the group’s board of directors and our management, I would like to thank Raja for his contribution to the company over the years. I’m sure you will all join me in wishing him every success for the future.”When contacted by The National, Mr Ghanma declined to comment on his position. Mr Ghanma is a well-known figure within Arabtec. He joined as a construction manager in the early 1990s and had helped to launch several business divisions, as well as joining the board of Arabtec Holding for a period. He has been the chief executive of Arabtec Construction since April 2015. Before that, he was its chief operating officer. However, since he is no longer a member of the board of Arabtec Holding or its executive team, the company is not obliged to inform the Dubai Financial Market of his departure.Following publication of the company’s third-quarter results in November last year, when the firm declared a Dh222.5 million loss – its eighth quarterly loss in succession – Mr Ghanma said that the company was making headway in its turnaround efforts. He said that its costs had been trimmed significantly, and argued that he believed the company would return to profit “sooner rather than later”, but argued that it was difficult to give a precise time as it continued to deal with legacy projects.Subsequently, however, the company has posted unaudited figures for the whole of 2016 that suggest much heavier losses in the fourth quarter.Losses attributable to its parent company had stood at Dh458m for the first nine months of 2016, but full-year losses were more than Dh3.4 billion, suggesting a loss of about Dh3bn in the final quarter. Arabtec blamed this on “a combination of impairment charges on high-risk items, which amounted to Dh2.8bn in total, as well as recurring, non-recurring and operational expenses”.The scale of its losses have led to it embarking on a recapitalisation programme to inject a further Dh1.5bn into the business through a rights issue – a move that was approved by regulators on Wednesday.An analysts’ note published by Egypt-based Naeem Research on Thursday said that the recapitalisation was a positive move that will allow the company to get rid of some of the “froth” from its balance sheet. However, it said that the level of dilution that minority shareholders (those other than Aabar Investments, which currently holds 36.11 per cent) will suffer will depend on the terms of the rights issue, which have yet to be announced.The note argued that the issue “should get priced at a discount” to the company’s share price at the time the recapitalisation was announced earlier this month, as this will encourage shareholders to participate.”On the contrary, if the issue gets priced at a premium [to market price], subdued interest could result in a run on the stock; with shareholders [who decide not to subscribe] having no option but to cash out” before the issue, it said. The terms of the rights issue are due to be announced next month, at the same time as the company files fully audited accounts for 2016.mfahy@thenational.aeFollow The National’s Business section on Twitter
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\nSource : thenational.ae
\nRead more…Chief executive of Arabtec’s construction unit to step down<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Raja Ghanma, the chief executive of Arabtec Construction, is to step down from the company....<\/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-45274","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-bMe","jetpack-related-posts":[{"id":36346,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-appoints-new-chief-executive\/","url_meta":{"origin":45274,"position":0},"title":"Arabtec appoints new chief executive","date":"November 29, 2016","format":false,"excerpt":"\r Arabtec has appointed the recently appointed Depa chief executive Hamish Tyrwhitt as its chief executive.In a statement to the DFM this morning, Dubai-listed Arabtec said that Mr Tyrwhitt had replaced the company's acting chief executive Saeed Al Mehairbi, who will remain an Arabtec board member.Arabtec said that as well\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":36372,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-appoints-hamish-tyrwhitt-as-new-chief-executive\/","url_meta":{"origin":45274,"position":1},"title":"Arabtec appoints Hamish Tyrwhitt as new chief executive","date":"November 29, 2016","format":false,"excerpt":"\r Arabtec has appointed as its chief executive Hamish Tyrwhitt, who was also recently made chief executive of Depa.In a statement to the DFM this morning, Dubai-listed Arabtec said that Mr Tyrwhitt had replaced the company's acting chief executive, Saeed Al Mehairbi, who will remain an Arabtec board member.Arabtec said\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":22291,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-chief-says-situation-with-unpaid-filipino-workers-in-saudi-blown-out-of-proportion\/","url_meta":{"origin":45274,"position":2},"title":"Arabtec chief says situation with unpaid Filipino workers in Saudi 'blown out of proportion'","date":"August 8, 2016","format":false,"excerpt":"\r The chief of Arabtec Construction pledged to pay all Filipino workers employed by a Saudi joint venture contractor in full.Raja Hani Ghanma, the chief executive of UAE contractor Arabtec Construction, has said the plight of the workers had \"been blown out of proportion\".The National reported last week that the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":54295,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-appointment-of-appleby-wraps-up-key-management-roles\/","url_meta":{"origin":45274,"position":3},"title":"Arabtec appointment of Appleby wraps up key management roles","date":"May 10, 2017","format":false,"excerpt":"\r Arabtec Holding has appointed Gavin Appleby, the former Middle East managing director of OCS group, as managing director of the company's mechanical, electrical and plumbing arm, EFECO. In a statement to the DFM on Wednesday, Arabtec chief executive Hamish Tyrwhitt said that the announcement \"wrapped up\" the company's recent\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":41690,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-adopts-new-risk-management-plan\/","url_meta":{"origin":45274,"position":4},"title":"Arabtec adopts new risk management plan","date":"January 24, 2017","format":false,"excerpt":"\r Arabtec has said that it is adopting a new risk management plan.In a statement to the Dubai Financial Market on Tuesday morning, the Arabtec chief executive Hamish Tyrwhitt said that the company had supported a new group-wide enterprise risk management plan at its board meeting on Monday.Arabtec shares were\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":45274,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/45274"}],"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=45274"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/45274\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=45274"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=45274"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=45274"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}