Abu Dhabi investment company Aabar has purchased 24.8 million shares in Dubai-listed Arabtec, just days after it received approval from the market regulator to strengthen its hold on the building contractor.
The investment, announced in statement on Tuesday, said Aabar bought 24,844,777 shares in Arabtec Holding, equivalent to 0.565 percent of Arabtec’s capital.
The share were bought at AED3.23 ($0.87) per share and raises Aabar’s stake in Arabtec 36.115 percent, according to the statement.
Late last month, a subsidiary of Aabar Investments received regulatory approval to buy a further 100 million shares in Arabtec. If Aabar were to buy the permitted number of shares, its stake would rise to 37.27 percent.
Aabar's move to raise its shareholding follows a bitter struggle with former Arabtec chief executive Hasan Ismaik, a Jordanian businessman who took the helm in 2013 as he built up his own holding.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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