By Solomon Paramel
Stock market trading heavily on stocks of both firms amid deal rumours
Dubai builder Arabtec, which recently announced a $1.8 billion capital raise program, is not interested in buying a stake in contractor Drake and Scull, the newly appointed chief executive said on Tuesday.
"No, we are not," Hasan Ismaik told reporters in Abu Dhabi when asked about Arabtec taking a possible stake in Drake.
Dubai's stock market has been trading heavily on stocks of both firms amid rumours of a possible deal.
However, Ismaik said that Arabtec will announce a joint venture with an oil and gas firm in the next few days. He gave no further details.
Arabtec will buy the remaining 40-percent stake in Target Engineering it does not already own to expand into the oil and gas construction business, two sources with knowledge of the deal said.
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