Arabtec tumbles after capital raising plans
Dubai, February 28, 2013
Dubai's Arabtec slumped to a six-week low after the contractor announced it aimed to raise $1.8 billion through a rights issue and a convertible bond.
The shares are down 9.8 percent, close to the 10 percent limit for a daily loss, reaching their lowest since January 17.
Investors are concerned about the dilution of the share price from the capital raising, which would more than double the firm's market capitalisation.
Dubai's index fell 0.8 percent to 1,923 points. - Reuters
Tags: stocks | Arabtec | bond | rights issue |
More Finance & Capital Market Stories
- IPIC to use $4bn pipeline payment to repay debt
- UAE sees big foreign capital inflow
- Gulf Capital to raise $360m partly for dividend
- Apicorp posts $109m profit in 2012
- Al Baraka summit to discuss financial trends
- Bahrain real GDP grows 3.9pc in 2012
- Deutsche Bank named top FX bank in Mideast
- Doha bourse breaks key 9,000 level
- UAE economic growth hits 4.4pc in 2012
- DFM firms achieve 100pc compliance
