Dubai – Mubasher: Arabtec Holding priced the rights issue it is undertaking as part of a recapitalisation at AED 1 per share.
The rights issue price is a premium of 14% to the AED 0.86 per share on Tuesday night’s closing price, but the minimum price at which the offer can take place.
The recapitalisation is the first step, in a three-part strategy, which involves strengthening its balance sheet, resolving legacy claims, and selling non-core assets.
Arabetc Holding was the most active stock after trading 19.63 million shares worth AED 16.75 million, falling 0.69% to AED 0.858.
