Dubai – Mubasher: Arabtec Holding has completed its recapitalisation programme which raised AED 1.5 billion in equity, according to a statement published on Wednesday.
The programme also helped the developer extinguish its accumulated losses of AED 4.6 billion as at 31 December 2016
The recapitalisation has supported Arabtec’s financial and liquidity positions, and provided a foundation for growth, Group CEO Hamish Tyrwhitt said.
“We have now concluded the main objective in Phase 1 of our strategic roadmap, to “stabilise” the business,” Tyrwhitt added.
In April 2017, Arabtec’s board launched the programme 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, helps the company capitalise on the positive outlook of the construction and engineering sectors.
