Arabtec tumbles after capital raising plans
Dubai, February 28, 2013
Dubai's Arabtec slumped to a six-week low after the contractor announced it aimed to raise $1.8 billion through a rights issue and a convertible bond.
The shares are down 9.8 percent, close to the 10 percent limit for a daily loss, reaching their lowest since January 17.
Investors are concerned about the dilution of the share price from the capital raising, which would more than double the firm's market capitalisation.
Dubai's index fell 0.8 percent to 1,923 points. - Reuters
Tags: stocks | Arabtec | bond | rights issue |
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