Arabtec plans to raise fund through Right Issues

23/03/2013

As the biggest Construction Company in the UAE, Arabtec Holding has recently announced its plan to raise a fund of at least $1.3 billion over the next two years through the so-called ‘Rights Issues’, which is just part of the latter’s growth strategy.

According to Hasan Abdullah Ismaik, Managing Director and Chief Executive Officer (CEO) of the company, he said that such initiative is very important because it will help the company achieve its strategy. In fact, by doing so, all the involved shareholders of the latter will be given an opportunity to be part of its growth as well as value creation in the near future.

Now, as Managing Director, he added that such capital raising will ensure that the funds are really available at the right time and will let its shareholders participate in each stage of the company’s future growth in particular. Indeed, the company’s pipeline has been strong with AED21.5 billion backlog of both ongoing and future projects so far.

Lastly, the outcome or proceeds of the above-mentioned capital raising of the company would be used in the following transactions: 25 per cent for affordable housing; 55 per cent for oil & gas, infrastructure and power; 15 per cent for strengthening its existing businesses in the market; and 5 per cent for systems restructuring.

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