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

Dubai's index slips 0.6 percent to 2,504 points, heading for its second decline in the last three sessions
By Reuters
Sun 28 Jul 2013 10:42 AM

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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