By: Mahmoud Gamal
Dubai – Mubasher: Arabtec Holding’s stock rose 14% in Wednesday’s trading session following the announcement of its recapitalisation plan to extinguish its entire accumulated losses.
The company’s stock rose to AED 0.955 by 1:10pm UAE time, generating AED 137.89 million from the exchange of 151.22 million shares.
The stock is supported my major investors after the company revealed new details on its recapitalisation programme, financial analyst Mahmoud Abu Zeid told Mubasher.
Arabtec announced on Wednesday that it received an approval in-principle from the Securities and Commodities Authority (SCA) for the programme.
The plan includes cutting the company’s capital and raise AED 1.5 billion in equity issuing new shares at a price to be determined later on.
The stock saw strong purchases that may help it target AED 1.1, Abu Zeid added.
Translated by: Julian Nabil
