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Wednesday, 22 February 2017

MIDEAST STOCKS-Arabtec rebounds on recap plan approval; Saudi's Tasnee jumps on asset sale | Reuters

MIDEAST STOCKS-Arabtec rebounds on recap plan approval; Saudi's Tasnee jumps on asset sale | Reuters:

"Dubai's share index rose on Wednesday after builder Arabtec rebounded sharply upon receiving approval from the securities regulator to boost its capital, while Saudi chemicals producer Tasnee jumped on news it will sell a major facility. Arabtec jumped 6.3 percent to 0.89 dirham, bouncing off its lowest closing level in five years on Tuesday. The builder said it received initial approval from the stock market regulator for its recapitalisation programme, subject to completion of its 2016 financial audit and a final sign-off. The construction company reported a wider fourth-quarter loss earlier this month and the board said it was seeking shareholder approval for a 1.5 billion dirham ($408.4 million) rights issue. "



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