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Monday, 13 February 2017

UPDATE 1-Dubai Arabtec Q4 loss widens, seeks 1.5bln dirham rights issue | Reuters

UPDATE 1-Dubai Arabtec Q4 loss widens, seeks 1.5bln dirham rights issue | Reuters:

"Dubai contractor Arabtec reported a wider fourth-quarter loss on Monday, and its board said it was seeking shareholder approval for a 1.5 billion dirhams ($408.4 million) rights issue to recapitalise the company. Shares of Arabtec plummeted almost 10 percent at the open after the results were disclosed to the market. The builder is working with boutique investment bank Moelis to study options for the company's capital structure, sources familiar with the matter told Reuters on Sunday."



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