Dubai builder Arabtec, which struggled to collect payments during Dubai's property bust, has scrapped plans for a rights issue and a $150 million convertible bond, its chief financial officer said on Thursday.
"There is no need for it now," Ziad Makhzoumi told Reuters. "One of the advantages of the rights issue and bond was to replace short-term borrowing. But we do not need that now."
Arabtec said in January that it is considering an issue of 398.67 million shares at 1 dirhams a share to existing shareholders and would sell $150 million worth convertible bonds.
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