(MENAFN) The UAE's Securities and Commodities Authority (SCA) stated that on June 9, Arabtec will launch subscription for a USD650 million rights issue, reported Arabian Business.
The fundraising was part of a 5-year expansion program, which could include an additional capital raise of USD650 million by the end of next year, if required, according to an Arabtec March statement.
The UAE's market regulator added that Arabtec received regulatory approval to begin subscription in new capital shares.
It is worth noting that Abu Dhabi's state fund Aabar Investments is Arabtec's largest shareholder.
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