NMDC approves Dh100m subscription in Arabtec shares

Dubai: National Marine Dredging Company said on Sunday it has approved subscription to 100 million shares in Arabtec Holding with a total value of Dh100 million.

The subscription was for shares in Arabtec’s Dh1.5 billion rights issue launched in May. Though share prices rallied on the first day of rights trading, they later plunged, leaving investors with a 33 per cent loss at the end of that week.

National Marine Dredging did not disclose further details on why it subscribed or any financial impact.