Dubai: Masaken Capital, in which Arabtec Holding PJSC’s ex-CEO holds a stake, is seeking to raise its capital to 700 million Jordanian dinars ($987 million; Dh3.62 billion) amid interest from funds and investors in Jordan and abroad.
Hasan Ismaik, the company’s chairman, is seeking approval to increase capital from 12.24 million dinars at an extraordinary shareholders’ meeting on Nov. 7, according to an emailed statement today. Masaken, also known as Jordan Masaken for Land & Industrial Development Projects, didn’t identify any of the funds or investors. The company also plans to increase the board to seven from five.
Ismaik, a Jordanian national, was at the heart of a stock sell-off in Dubai last year after his sudden exit from the United Arab Emirates’ largest construction firm along with other top managers shocked investors. Ismaik, who owned about a third of Arabtec at the time, sold part of his stake for $962 million in November to Abu Dhabi’s state-controlled Aabar Investments PJSC. He still holds 11.8 per cent stake in Arabtec and is the second-largest investor after Aabar.
Masaken plans to invest in real estate, health care, education and construction in the UAE, Saudi Arabia, Egypt and Jordan, Ismaik said in an interview last month. He was elected chairman of Jordan Masaken on August 29 after buying a 37 per cent stake.
