Arabtec Drops Most in Month After Rights Issue: Dubai Mover - Bloomberg:
"Arabtec Holding PJSC fell the most in more than a month after the biggest publicly traded construction company in the United Arab Emirates sold new shares at a discount.
The stock dropped 3.1 percent, the most since June 24, to 2.18 dirhams at 12:47 p.m. in Dubai as volume climbed to 52 million shares, or 1.8 times the three-month daily average, according to data compiled by Bloomberg. Arabtec was the biggest decliner on the benchmark DFM General Index, which decreased 0.2 percent, trimming this month’s advance to 13 percent.
Dubai-based Arabtec raised 2.4 billion dirhams ($653 million) by selling 1.56 billion new shares at 1.5 dirhams each in a rights issue, according to an e-mailed statement yesterday. Proceeds from the offering, which was 30 percent oversubscribed, will be used to fund an expansion plan announced this year, the company said. Arabtec is winning new building contracts as the U.A.E. economy recovers following a property-market crash."
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