{"id":50666,"date":"2017-04-02T19:32:10","date_gmt":"2017-04-02T12:32:10","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=50666"},"modified":"2017-04-02T17:55:03","modified_gmt":"2017-04-02T10:55:03","slug":"arabtec-shareholders-restructuring-vote-scheduled","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-shareholders-restructuring-vote-scheduled\/","title":{"rendered":"Arabtec shareholders' restructuring vote scheduled"},"content":{"rendered":"


\nShareholders in Arabtec are due to vote on its proposed capital restructuring at its annual general meeting, which is scheduled to be held on Tuesday, 18 April.The company has proposed a restructuring that will see it raise Dh1.5 million through the issue of 1.5 million new shares, initially taking the total number of shares in circulation to more than 6.1 million. Following this, a capital reduction will take place that will see 4.6 billion shares cancelled, freeing up the same amount of liabilities that can then be used to write off accumulated losses.Aabar Investments, which is part of the government-owned investment fund Ipic, has already agreed to to subscribe to its full entitlement under the issue. It currently owns 36.11 per cent of the shares in Arabtec, but it has also pledged to buy up any excess shares that other investors do not subscribe to during the issue. “In a construction company, you need two things – cash and people,” Arabtec’s chief executive, Hamish Tyrwhitt, told The National after the company recently filed accounts declaring a Dh3.4 billion loss for 2016. The company has already identified several new management team members who are due to join in the coming months and, alongside the proposed Dh1.5bn rights issue, it is planning to raise more cash through the disposal of non-core assets.”Those things that are investments we have – whether it is some shares in a company, a minority stake or partnerships in some things – once we’ve had a strategic review I’d be looking at recycling that capital into the core of the business,” said Mr Tyrwhitt.Arabtec’s annual general meeting i set to take places at Ipic’s offices in Abu Dhabi.Arabtec shares closed 2.46 per cent up yesterday.mfahys@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Arabtec shareholders’ restructuring vote scheduled<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Shareholders in Arabtec are due to vote on its proposed capital restructuring at its annual...<\/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-50666","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-dbc","jetpack-related-posts":[{"id":45098,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-gains-regulatory-approval-for-capital-restructuring-plan\/","url_meta":{"origin":50666,"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":50666,"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":50666,"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":51827,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-updates-its-plan-to-recovery\/","url_meta":{"origin":50666,"position":3},"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":53704,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubais-arabtec-reports-first-profit-in-three-years-after-restructuring\/","url_meta":{"origin":50666,"position":4},"title":"Dubai's Arabtec reports first profit in three years after restructuring","date":"May 4, 2017","format":false,"excerpt":"\r Arabtec Holding on Thursday reported a tiny first quarter profit, its first since 2014, thanks to new projects and cost savings.Arabtec has struggled for more than two years in a depressed market for infrastructure projects in the Arabian Gulf, its problems exacerbated by internal strife among shareholders and several\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":52193,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-shareholders-approve-rights-issue\/","url_meta":{"origin":50666,"position":5},"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 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