Approval subject to the completion of audit and OK from regulator
Dubai contractor Arabtec said on Wednesday it received approval in principle from the stock market regulator for its recapitalisation programme.
The approval is subject to the completion of Arabtec's 2016 full-year financial audit and final approval from the regulator, it said.
Arabtec reported a wider fourth-quarter loss on Feb 13, and its board said it was seeking shareholders' approval for a 1.5 billion dirhams ($408.4 million) rights issue to recapitalise the company.
Shares of Arabtec have lost 36.4 percent of their value since the company announced its results and disclosed plans of the rights offering.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.