{"id":51827,"date":"2017-04-14T00:03:41","date_gmt":"2017-04-13T17:03:41","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=51827"},"modified":"2017-04-13T22:19:44","modified_gmt":"2017-04-13T15:19:44","slug":"arabtec-updates-its-plan-to-recovery","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-updates-its-plan-to-recovery\/","title":{"rendered":"Arabtec updates its plan to recovery"},"content":{"rendered":"


\nArabtec 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 company’s total assets by Dh250.7 million.Under DFM rules, this means that shareholders are required to take part in a continuation vote. Arabtec shareholders are due to meet on Tuesday to approve the company’s restructuring programme, which will involve a Dh1.5 billion rights issue followed by a capital reduction.The rights issue will raise Dh1.5bn through the issue of 1.5 billion new shares, taking the total amount of shares in circulation beyond 6.1 billion. Following this, a capital reduction will take place, where more than 4.6 billion shares will be cancelled on a pro-rata basis, releasing liabilities that will allow the company to write off more than Dh4.6bn of accumulated losses.Aabar Investments, which is Arabtec’s single biggest shareholder with a 36.11 per cent stake in the company, is effectively underwriting the offer. On March 22, Arabtec filed audited accounts that showed that it declared a net loss to shareholders of Dh3.4bn last year, and that it made impairments of Dh1.9bn.Last month Arabtec published its strategy to revive the fortunes of the beleagued company. After stablising the company through its planned recapitalisation programme, board members say that next year the company plans to prepare the business for the future, which means keeping costs in check, delivering projects on time and to budget and ‘consistently’ securing a backlog of projects worth about Dh8bn to 9bn.The final phase, which is to begin in 2019, will focus on growth, most notably profit margins and cash generation, as well as boosting capabilities in: engineering procurement, construction and management; infrastructure; mechanical, electrical and plumbing work; and specialist construction. This would also be the first year in which it is targeting a potential dividend payment to shareholders.lbarnard@thenational.aeFollow The National’s Business section on Twitter
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\nSource : thenational.ae
\nRead more…Arabtec updates its plan to recovery<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Arabtec on Thursday published an update to its three-step recapitalisation plan that it hopes 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-51827","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-dtV","jetpack-related-posts":[{"id":52193,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-shareholders-approve-rights-issue\/","url_meta":{"origin":51827,"position":0},"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 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":51827,"position":1},"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":53463,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-plans-to-get-rights-issue-sorted-this-month\/","url_meta":{"origin":51827,"position":2},"title":"Arabtec plans to get rights issue sorted this month","date":"May 2, 2017","format":false,"excerpt":"\r The contractor Arabtec has said that it is planning to tie up its rights issue - the first step of its capital reorganisation programme to clean up its balance sheet - by the end of this month.Following a board meeting held yesterday, the company said that it will publish\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":51827,"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":47203,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-holding-to-seek-approval-for-annual-general-meeting-over-rights-issue\/","url_meta":{"origin":51827,"position":4},"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":50666,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-shareholders-restructuring-vote-scheduled\/","url_meta":{"origin":51827,"position":5},"title":"Arabtec shareholders' restructuring vote scheduled","date":"April 2, 2017","format":false,"excerpt":"\r Shareholders 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\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\/51827"}],"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=51827"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/51827\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=51827"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=51827"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=51827"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}