Arabtec cancels phase II of rights issue
By
Posted on
Board of Directors decided to cancel phase II of the issue due to the strong financial position achieved by the company
PHOTO: Credit:
Arabtec has recently announced a hike in its third quarter net profits, beating analyst predictions.
Involved with building a branch of France’s Louvre museum in Abu Dhabi, the company made a Q3 net profit of $27.4 million.
The figure is not only almost thrice its 2012 Q3 net profits of $9.5 million, it is also better than analysts’ predictions that Arabtec’s quarterly profit would be $17.4 million.
Arabtec raised $653 million through a rights issue in July, also revealed its board of directors decided to cancel phase 2 of the issue due to the strong financial position achieved by the company, said a report by Gulf Times.
