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Thu 12 Jun 2014 11:12 AM

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Arabtec denies rumour that it plans to delist

Move comes after shares in Dubai builder dropped 30% after major shareholder Aabar reduced its stake

Arabtec denies rumour that it plans to delist

United Arab Emirates construction firm Arabtec said on Thursday that it had no intention of delisting from the Dubai stock market, and was seeking with market officials to establish who spread rumours that it might delist.

In a brief statement, the company also repeated that its financial position remained strong and that it would continue expanding in the construction industry.

Arabtec shares have plunged 30 percent in the last four days as a major shareholder, Abu Dhabi state fund Aabar Investments , has cut its stake in the company to 18.85 percent from 21.57 percent.

The decrease in the stake has raised questions over whether Aabar might change its strategy of supporting Arabtec by awarding it business contracts. The Arabtec statement on Thursday did not address this issue; Aabar was not available to comment.

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