{"id":47203,"date":"2017-03-08T23:08:22","date_gmt":"2017-03-08T16:08:22","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=47203"},"modified":"2017-03-08T20:21:13","modified_gmt":"2017-03-08T13:21:13","slug":"arabtec-holding-to-seek-approval-for-annual-general-meeting-over-rights-issue","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-holding-to-seek-approval-for-annual-general-meeting-over-rights-issue\/","title":{"rendered":"Arabtec Holding to seek approval for annual general meeting over rights issue"},"content":{"rendered":"


\nArabtec 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 a date on or around April 18 for its annual general assembly at which the recapitalisation update will be presented. The date for the AGM will need to be approved by regulators, Arabtec said in a statement to the Dubai bourse. Arabtec has gained approval in principle from regulators for the recapitalisation – its second rights issue in four years. The company wants to tap shareholders to erase Dh4.6bn losses over the past two years, including a Dh3.5bn net loss last year alone. Arabtec blamed last year’s loss 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 contractor 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.Following the fundraising it intends to then cancel Dh4.5bn worth of shares on a pro-rata basis to get rid of the losses. Arabtec has confirmed that all shareholders are being invited to take part in the rights issue but the principal shareholder, Aabar Investments, which 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. The company unveiled earlier this month a three-step, three-year recovery plan aimed at winning support from shareholders for its fundraising. Arabtec shares closed up 1.4 per cent at 92.7 fils on the Dubai Financial Market yesterday. dalsaadi@thenational.aeFollow The National’s Business section on Twitter
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\nSource : thenational.ae
\nRead more…Arabtec Holding to seek approval for annual general meeting over rights issue<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Arabtec Holding’s board will meet on Sunday to discuss when it will next update shareholders...<\/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-47203","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-chl","jetpack-related-posts":[{"id":45098,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-gains-regulatory-approval-for-capital-restructuring-plan\/","url_meta":{"origin":47203,"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":45102,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-gains-regulatory-approval-for-capital-restructuring-plan-2\/","url_meta":{"origin":47203,"position":1},"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":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":47203,"position":2},"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":49114,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-sets-price-for-rights-issue-at-a-premium\/","url_meta":{"origin":47203,"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":51827,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-updates-its-plan-to-recovery\/","url_meta":{"origin":47203,"position":4},"title":"Arabtec updates its plan to recovery","date":"April 14, 2017","format":false,"excerpt":"\r Arabtec on Thursday published an update to its three-step recapitalisation plan that it hopes shareholders will pass as part of a latest round of fund raising aimed at wiping out accumulated losses.In a note to the Dubai Financial Market (DFM), Arabtec reiterated that its total liabilities currently exceed the\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":47203,"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\/47203"}],"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=47203"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/47203\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=47203"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=47203"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=47203"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}