Dubai – Mubasher: Arabtec Holding received an approval in-principle from the Securities and Commodities Authority (SCA) for its recapitalisation programme, according to a bourse statement.
The programme includes the reduction of the company’s share capital via the cancellation of up to 4.5 billion shares to extinguish its entire accumulated losses.
Arabtec will also raise AED 1.5 billion in equity via a fully committed rights offering by issuing new shares at a price to be determined later on.
As a result, the property developer’s capital will increase from AED 4.6 billion to AED 6.1 billion.
