Arabtec construction subsidiary to be listed on Abu Dhabi stock market
Up to 40% of Arabtec’s building unit to be floated in an IPO in 2015, says company chief
RELATED ARTICLES: Arabtec eyes European acquisition | Arabtec to set up five new subsidiaries | Arabtec signs $6.09 billion deal to build 37 towers in Abu Dhabi and Dubai
Arabtec Holding, UAE’s first publicly-listed construction company announced the distribution of 40% dividends in bonus shares at its Annual General Meeting (AGM) held in Abu Dhabi yesterday, where the company’s balance sheet for the year ending 31 December, 2013 was also approved.
Hasan Ismaik, managing director and CEO of Arabtec revealed the company will list shares from its building arm on the Abu Dhabi market next year. Up to 40% of Arabtec’s construction subsidiary, which Ismaik estimates to be worth $2.72 billion (AED10 billion), could be floated in 2015.
Addressing stakeholders at the AGM, Ismaik said the company intends to pursue the targets set under its ‘Vision 2018’ programme by expanding across sectors and geographical segment between 2014 and 2018.
“We aspire to grow into the top 10 global companies, through organic expansion into energy, oil and gas, specialised construction, infrastructure, ports, airports, railways, and facility and heavy industry management, as well as geographical expansion in MENA, Europe and Central Asia,” said Ismaik, while addressing shareholders present at the AGM.
“As part of our future plans for Arabtec Vision 2018, we will draw on the company’s long-standing experience to achieve sustainable growth for the benefit of the company and its shareholders.”
Arabtec’s backlog grew by 22% to $6.56 billion (AED24.1 billion) in 2013, with revenues for the year increasing by 30% to $2.01 billion (AED7.4 billion). The company’s net profit for the year grew by record levels of 171% to $102.8 billion (AED377.8 billion).
The AGM was attended by shareholders, and the board members and executive management team of Arabtec.
