Dubai-based contractor Arabtec replaced its founder and chief executive and is seeking a new finance chief, as part of a boardroom overhaul instigated by its largest shareholder, Abu Dhabi investment fund Aabar.
Arabtec also plans to raise US$1.8bn in new capital through a rights issue and convertible bond, the company said in a statement on Dubai's bourse.
Aabar has been exerting its control on Arabtec since it started building a stake last year. It had already replaced four board members with its candidates and named its chairman, Kadem Abdulla al-Qubaisi, as Arabtec's chairman.
On Wednesday, Arabtec said Chief Executive Riad Kamal resigned and was replaced by Hasan Ismaik, an active Abu Dhabi-based private investor who was made a board member last August.
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