Dubai's Arabtec falls over 3% as new shares trade

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Dubai builder Arabtec falls in early trade after the firm issued 1.56 billion of new shares well below market price.

Arabtec drops 3.11 percent to 2.18 dirhams. The new shares, which start trading today, were issued at 1.50 dirhams each. The firm said in early July that its rights issue was nearly 30 percent oversubscribed.

Dubai's index slips 0.6 percent to 2,504 points, heading for its second decline in the last three sessions since it hit a near five-year high.

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Posted by: Ala

I applied for right issues as a share holder but no letter of allocation or confirmation of my allocations that I am entitled to, so could not trade any Arabtec shares today. It looks like many share holders like me were not allocated (right issues they applied for).
I hope Arabtec and the Banks who dealt with Arabtec right issues rectify this problem very soon so not to put some of their share holders at disadvantage.

Posted by: Ala

I got all my allocations,it is nothing to do with the clearing banks or Arabtec but they were with DFM and the share holders need to contact their brokers to draw them from DFM.

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