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UAE- Arabtec may raise USD1.3b via rights issues

21 Mar 2013

(MENAFN) Arabtec managing director and CEO, Hasan Abdullah Ismaik, stated that the construction firm mulls collecting USD1.3 billion through rights issues, reported Arabian Business.

Ismaik said that the firm has gained regulatory approval for the capital raising, which is vital to help the country’s biggest construction company to achieve its growth plan.

He added that during the current year, Arabtec, part-owned by Abu Dhabi Aabar Investments, plans to raise up to USD650 million in rights issue, and an additional USD650 million through another rights issue next year, if required.

The CEO noted that if needed, the firm may issue a non-convertible bonds of up to USD450 million at the end of 2013.

It is worth noting that Arabtec constructed the Palm islands in Dubai.

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