{"id":52193,"date":"2017-04-18T20:07:19","date_gmt":"2017-04-18T13:07:19","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=52193"},"modified":"2017-04-18T18:20:34","modified_gmt":"2017-04-18T11:20:34","slug":"arabtec-shareholders-approve-rights-issue","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-shareholders-approve-rights-issue\/","title":{"rendered":"Arabtec shareholders approve rights issue"},"content":{"rendered":"


\nArabtec’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 accumulated losses of more than Dh4.16bn.The approval will allow the company to move forwards with a plan to bring in extra cash and a new management team to stabilise the business and focus on its core competencies of contracting, mechanical, electrical and plumbing, and infrastructure work.The majority shareholder Aabar Investments, which currently holds a 36.11 per cent stake in the company, has already indicated that it will effectively underwrite the rights issue portion of the deal, stating that it will buy up any unallocated shares should other other shareholders decide against signing up for the offer. The company’s shares finished the day marginally higher at 84 fils each, which is below the Dh1 subscription price at which the rights issue needs to be set.mfahy@thenational.aeFollow The National’s Business section on Twitter
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\nSource : thenational.ae
\nRead more…Arabtec shareholders approve rights issue<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Arabtec’s shareholders approved all of the resolutions set out at its annual general meeting today,...<\/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-52193","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-dzP","jetpack-related-posts":[{"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":52193,"position":0},"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":53463,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-plans-to-get-rights-issue-sorted-this-month\/","url_meta":{"origin":52193,"position":1},"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":47203,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-holding-to-seek-approval-for-annual-general-meeting-over-rights-issue\/","url_meta":{"origin":52193,"position":2},"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":49114,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-sets-price-for-rights-issue-at-a-premium\/","url_meta":{"origin":52193,"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":52193,"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":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":52193,"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\/52193"}],"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=52193"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/52193\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=52193"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=52193"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=52193"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}