Arabtec Holding plans to issue $150 million five-year convertibles

By Melissa Kory

Cleveland, Jan. 11 - Arabtec Holding PJSC announced that it plans to issue $150 million of five-year convertible bonds to support its expansion to new markets and increase its working capital.

The company's board of directors will consider whether to approve the plan at its meeting on Jan. 16. If the board backs the proposal, it will call for an extraordinary general assembly to approve the issuance.

The board will also consider a proposed rights issue for 398,666,667 shares. Existing shareholders will be offered one new share at a price of one dirham for each three existing shares.

Arabtec is a Dubai, United Arab Emirates-based company that acts as a holding company to its subsidiaries and invests in the construction sector through the acquisition of contracting and related companies.

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