February 13, 2017 / 4:59 AM / 10 months ago

Dubai Arabtec reports wider Q4 loss, seeks 1.5bln dirham rights issue

DUBAI, Feb 13 (Reuters) - Dubai contractor Arabtec reported a wider loss in the fourth quarter on Monday.

Arabtec made a net loss of 2.95 billion dirhams ($803.38 million) in the three months to Dec. 31, Reuters calculated based on financial statements in lieu of a quarterly breakdown.

This compares with a net loss of 360 million dirhams in the corresponding period of 2015, according to Reuters’ calculations.

The builder reported a net loss attributable to the shareholders of the parent of 3.41 billion dirhams for the year 2016, compared with a loss of 2.35 billion the year earlier.

The company also said its board approved a proposed capital restructuring plan and a 1.5 billion dirhams rights issue, which would require investor consent at the next general meeting of the shareholders.

$1 = 3.6720 UAE dirham Reporting by Hadeel Al Sayegh, Editing by William MAclean

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