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NMDC to subscribe to Arabtec capital hike

NMDC to subscribe to Arabtec capital hike
NMDC to subscribe to Arabtec capital hike
Arabtec Holding
ARTC
-3.29% 0.53 -0.02
NMDC
NMDC
-0.07% 26.70 -0.02

Abu Dhabi – Mubasher: National Marine Dredging Company’s (NMDC) board on Sunday approved subscribing in Arabtec Holding’s capital top-up.

NMDC intends to subscribe by 100 million shares, worth AED 100 million, according to the company’s statement to the Abu Dhabi Stock Exchange (ADX).

Earlier in April, Arabtec decided to open subscription to its capital increase of AED 1.5 billion starting 15 May.

Arabtec had previously suffered annual losses of AED 3.512 billion in 2016, compared to losses of AED 2.778 billion in 2015.

Arabtec’s board is set to convene on Monday to discuss updates regarding its capital restructure programme.