Arabtec Plans $408 Million Rights Offer as 2016 Loss Widens
- Share drop is biggest contributor to decline in Dubai’s index
- Co. says ‘adverse market conditions’ are reflected in results
This article is for subscribers only.
Arabtec Holding PJSC plans to raise 1.5 billion dirhams ($408 million) from a rights issue after the United Arab Emirates’ biggest listed construction company posted its second yearly loss. The shares slumped, being the biggest contributor to drop of Dubai’s main index.
The loss for the year widened to 3.41 billion dirhams from 2.35 billion dirhams a year earlier, the company said in a statement to the Dubai bourse on Monday. The mean estimate of eight analysts was for a loss of 580 million dirhams, according to data compiled by Bloomberg. Revenue climbed 5.5 percent to 7.7 billion dirhams.