Shareholders in Arabtec are due to vote on its proposed capital restructuring at its annual general meeting, which is scheduled to be held on Tuesday, 18 April.
The company has proposed a restructuring that will see it raise Dh1.5 billion through the issue of 1.5 million new shares, initially taking the total number of shares in circulation to more than 6.1 million. Following this, a capital reduction will take place that will see 4.6 billion shares cancelled, freeing up the same amount of liabilities that can then be used to write off accumulated losses.
Aabar Investments, which is part of the government-owned investment fund Ipic, has already agreed to to subscribe to its full entitlement under the issue. It currently owns 36.11 per ce…
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