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Tue 1 Mar 2016 10:50 AM

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Arabtec stock soars 11% at DFM opening bell

Heavy trading in stock resumes after former CEO raises stake in Dubai builder

Arabtec stock soars 11% at DFM opening bell

Heavy trading in Arabtec shares recommenced this morning as soon as the Dubai Financial Market opened for business.

The construction giant’s stock rose 11 percent shortly after the opening bell. On Monday, Arabtec shares closed limit up, to AED1.44, thanks to news that former CEO Hasan Ismaik had upped his stake in the firm from 11.81 percent to 11.91 percent. The stock's surge helped to lift the entire Dubai market.

Ismaik, a Jordanian businessman who took the helm at Arabtec in 2013, raised his stake as high as 28.85 percent in 2014 but then quit as CEO in June that year after tensions with another major shareholder, Abu Dhabi state fund Aabar Investments.

He subsequently sold 16 percent of Arabtec to Aabar, which is now the biggest shareholder with 36.11 percent.

In a bourse statement on Tuesday morning, Arabtec said that it had no material news that would affect the share price.

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