{"id":48764,"date":"2017-03-19T19:54:23","date_gmt":"2017-03-19T12:54:23","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=48764"},"modified":"2017-03-19T16:58:56","modified_gmt":"2017-03-19T09:58:56","slug":"arabtecs-board-to-meet-on-tuesday-to-review-results","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtecs-board-to-meet-on-tuesday-to-review-results\/","title":{"rendered":"Arabtec's board to meet on Tuesday to review results"},"content":{"rendered":"


\nArabtec Holding’s board is set to meet on Tuesday to discuss the company’s financial results for 2016 \u2014 a year in which it reported a preliminary loss of Dh3.4 billion.Subject to the board’s approval, the company should then publish both its audited financial accounts and details of the pricing of the rights issue it is embarking on as part of a wider capital reorganisation plan. That plan aims to clean up its balance sheet by expunging historical losses. When announcing the structure of its recapitalisation plan last month, the company said that it intends “to finalise the key terms” of the rights issue in conjunction with publication of its audited accounts towards the end of March.The company is planning to initially raise Dh1.5 billion from investors in a move that would increase its current share capital from Dh4.6bn to Dh6.1bn. Its biggest shareholder, Aabar Investments, has already effectively agreed to underwrite the process by taking up its full allocation in the issue as well as mopping up shares not claimed by other investors.Following this, Arabtec is proposing to cancel up to 4.5bn shares, leaving about 1.6bn in circulation.Cancelling the shares will allow the company to rid itself of accumulated losses of Dh4.6bn that have been accrued over the past two years. Arabtec’s chairman, Mohamed Al Rumaithi, last month said that this would “provide the foundation for building a successful and sustainable future for the group”.The company has also presented a three-point turnaround plan for investors, know as Stabilise, Prepare, Grow. This involves stabilising the business in the current year, as well as resolving legacy contract claims and disposing of non-core assets. The ‘prepare’ phase next year involves securing its backlog, bringing costs under control and ensuring it delivers projects on time and on budget. The growth phase starting from 2019 onwards involves developing its three main operating entities involved in general, oil & gas and MEP (mechanical, electrical and plumbing) contracting \u2014 Arabtec, Target and Efeco respectively.Publication of its audited accounts should also give more details on the fate of its joint venture with Saudi Binladin Group, which had been listed as a discontinued operation since 2015 as the company has attempted to divest its interest in the business.The carrying value of this investment was Dh1.4bn in the nine months to September 2016, but a note by analysts at investment bank Naeem Holding recently pointed out that this had been excluded from its preliminary results. It said this “could mean de-consolidation or a write-off as part of the larger impairment drive”.Arabtec said when publishing preliminary results last month that it had incurred impairment charges of Dh2.8bn on “high-risk items” in 2016.mfahy@thenational.aeFollow The National’s Business section on Twitter
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\nSource : thenational.ae
\nRead more…Arabtec’s board to meet on Tuesday to review results<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Arabtec Holding’s board is set to meet on Tuesday to discuss the company’s financial results...<\/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-48764","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-cGw","jetpack-related-posts":[{"id":48772,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-holdings-board-to-meet-on-tuesday-to-review-results\/","url_meta":{"origin":48764,"position":0},"title":"Arabtec Holding's board to meet on Tuesday to review results","date":"March 19, 2017","format":false,"excerpt":"\r Arabtec Holding's board is set to meet on Tuesday to discuss the company's financial results for 2016 \u2014 a year in which it reported a preliminary loss of Dh3.4 billion.Subject to the board's approval, the company should then publish both its audited financial accounts and details of the pricing\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":50237,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/drake-scull-breaches-terms-of-bank-loans\/","url_meta":{"origin":48764,"position":1},"title":"Drake & Scull breaches terms of bank loans","date":"March 30, 2017","format":false,"excerpt":"\r The contractor Drake & Scull International has breached covenant terms of its sukuk and other loans, according to the company's newly filed audited accounts. The company had a conditional waiver in place with its lenders, but according to the accounts statement filed on the Dubai Financial Market it was\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":54052,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/drake-and-scull-shareholders-vote-to-increase-capital-raising-and-reject-rights-issue\/","url_meta":{"origin":48764,"position":2},"title":"Drake and Scull shareholders vote to increase capital raising and reject rights issue","date":"May 8, 2017","format":false,"excerpt":"\r Shares in Dubai-based contractor Drake and Scull International (DSI) fell to their lowest level in 15 months on Sunday after the shareholders voted to further increase the company's planned capital reduction and refused to subscribe to a capital raising.Drake and Scull shares fell by 9.93 per cent during trading\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":48764,"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":45102,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-gains-regulatory-approval-for-capital-restructuring-plan-2\/","url_meta":{"origin":48764,"position":4},"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":48764,"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\/48764"}],"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=48764"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/48764\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=48764"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=48764"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=48764"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}