Wednesday 26 September 2018

Arabtec wins regulatory nod for share capital cut

DUBAI, June 24, 2017

Arabtec Holding, a leading contractor for social and economic infrastructure, said it has secured regulatory approval for its new capital reduction plan.

The move is aimed at slashing its share capital from Dh6.1 billion ($1.6 billion) to Dh1.5 billion ($408 million), said the Emirati firm in its statement to the Dubai Financial Market (DFM).

The entitlement date (the last day of trading before restatement) was June 22. The ex-date, when the number of shares is reduced and the share price is restated (prior to the commencement of trading) is June 28 (the first day of trading after the entitlement date), it stated.

A major player in the region. Arabtec has several key projects to its credit including iconic buildings such as the world’s tallest building, the Burj Khalifa in Dubai, and Abu Dhabi landmark, the Emirates Palace Hotel; as well as other technically challenging work on airports and related infrastructure. It was the first private construction firm to list on the Dubai Financial Market in 2005.-TradeArabia News Service

Tags: Dubai | Arabtec | share capital |

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