Arabtec Holding completes its recapitalisation programme
Arabtec Holding PJSC, a leading contractor for social and economic infrastructure, today announced that it has completed its recapitalisation programme which raised AED 1.5 billion in equity and extinguished the company’s accumulated losses of AED 4.6 billion as at 31 December 2016.
“We are pleased to announce the successful completion of the Recapitalisation Programme. This has now strengthened the Group’s financial and liquidity positions but also provided a solid foundation for growth. We have now concluded the main objective in Phase 1 of our strategic roadmap, to ‘Stabilise’ the business. I look forward to the journey ahead and to focus on our primary objective of profitability and developing a successful and sustainable future for all our stakeholders,” Group Chief Executive Officer, Hamish Tyrwhitt said.
Arabtec Holding’s Board launched the Recapitalisation Programme in April 2017 in order to strengthen the company’s capital structure and accelerate its path towards dividends. The completion of the Programme alongside the company’s focus on implementing a strong risk management processes, positions the company well to capitalise on the positive outlook of the construction and engineering sectors in its key geographies.