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Arabtec board nods to capital raise

Arabtec board nods to capital raise
The company’s capital has been set at AED 6.15 billion
Arabtec Holding
ARTC
-3.29% 0.53 -0.02

Dubai – Mubasher: Arabtec Holding said its board approved the increase of its capital by AED 1.5 billion through the issuance of 1.5 billion shares at AED 1 per share, according to a bourse statement.

The board gave a nod to list the new shares on Dubai’s bourse.

The company’s capital has been set at AED 6.15 billion, distributed over 6.15 billion shares at AED 1 per share.

The board additionally authorised the group’s CEO or any person authorised by him to undertake all necessary steps to confirm the reduction of the share capital by cancelling 4.6 billion shares, and amending the articles of association and share capital accordingly.