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

  • Share via facebook
  • Tweet this
  • Bookmark and Share

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.

Related:
Companies
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

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.

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Blood on the bourse floor

Blood on the bourse floor

Arabtec’s share price collapse was the catalyst for a huge sell...

Taking stock

Taking stock

Gulf stock markets have seen a dearth of IPOs since the global...

Steering clear of the stock markets

Steering clear of the stock markets

Listing was all the rage three years ago, but IPOs have since...

Most Popular
Most Discussed