By: Amr Adel
Abu Dhabi - Mubasher: Arabtec Holding turned to profitability in the first quarter of 2017, the company’s CEO, Hamish Tyrwhitt, said on Tuesday.
Each person who had led Arabtec to losses would be prosecuted by the previous board and management, Tyrwhitt added on the sidelines of the shareholders meeting.
The company had agreed on Tuesday to continue its activity and to take the required processes to implement the company’s capital restructuring programme.
The Abu Dhabi-listed company succeeded during its shareholders meeting to obtain an AED 1.5 billion ($408.3 million) rights issue after announcing a cumulative loss of AED 4.6 billion, equivalent to 101% of its capital.
Translated by: Mohamed Hesham Azab
