Current acting group CFO, Ravi Murthy, will move to be CFO of Arabtec Construction
Arabtec Holding, the Dubai-bourse listed construction giant, has appointed Peter Pollard as group chief financial officer (CFO), sources have said.
Three sources, speaking to Reuters on condition of anonymity because the matter is not public, said that Pollard will be overseeing the company’s recapitalisation programme and will be succeeding acting group CFO, Ravi Murthy.
News of Pollard’s appointment came just a day before the company’s shareholder meeting, which will see Arabtec seek investor approval for its $408.39 million rights issue.
Following Pollard’s appointment, Murthy will move on to become the chief financial officer for subsidiary Arabtec Construction, one of the sources said. Murthy was appointed as acting group CFO in July 2015.
Prior to his new role, Pollard was managing director at the British-listed outsourcing company, Serco Group in Hong Kong.
In February this year, Arabtec announced that it had gained approval in principal for the recapitalisation programme. The approval was granted by the Securities and Commodities Authority, it said in a statement posted to the Dubai Financial Market at the time.
Mohammed Al-Rumaithi, chairman of Arabtec, said the move “will provide the foundation for building a successful and sustainable future for the group”.