Dubai builder Arabtec Holding said on Monday that it had no plans to increase its stake in interior contracting firm Depa.
Recent media speculation about increasing its stake in Depa was baseless and "there are no plans at this stage", Arabtec said in a statement on Dubai's bourse.
The Dubai-based contractor acquired a 24 percent stake in Depa in Nov. 2012 for 241.7 million dirhams ($65.8 million).
Shares in Depa have risen 94.3 percent year-to-date, partly on speculation of Arabtec raising its stake in the company.For all the latest construction 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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