Dubai contractor Arabtec (ARTC.DU) swung to profit in the fourth quarter and shelved plans for a rights issue and $150 million convertible bond while market conditions are unfavourable.
Shares in Arabtec, the largest builder in the United Arab Emirates by market value, had surged 7.9 percent to 1.36 dirhams by 0840 GMT, while Dubai's benchmark index was up 1.9 percent.
Arabtec had planned a rights issue of 398.67 million shares.
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