Arabtec Holding secures regulatory approval for new capital reduction plan

Posted on 26th June 2017

Arabtec Holding, a leading contractor for social and economic infrastructure, said it has secured regulatory approval for its new capital reduction plan.

UAE-arabtec

The move is aimed at slashing its share capital from Dh6.1 billion ($1.6 billion) to Dh1.5 billion ($408 million), said the Emirati firm in its statement to the Dubai Financial Market (DFM), according to Tradearabia news report.

The entitlement date (the last day of trading before restatement) was June 22. The ex-date, when the number of shares is reduced and the share price is restated (prior to the commencement of trading) will be June 28 (the first day of trading after the entitlement date), it stated.

A major player in the region. Arabtec has several key projects to its credit including iconic buildings such as the world’s tallest building, the Burj Khalifa in Dubai, and Abu Dhabi landmark, the Emirates Palace Hotel; as well as other technically challenging work on airports and related infrastructure. It was the first private construction firm to list on the Dubai Financial Market in 2005.

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