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Wed 26 Feb 2014 02:44 PM

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Dubai's Arabtec denies plan to buy Kuwaiti builder

Construction giant refutes media claims that it is to acquire Kharafi National

Dubai's Arabtec denies plan to buy Kuwaiti builder

Dubai builder Arabtec on Wednesday denied that it planned to acquire Kuwaiti construction firm Kharafi National.

Sources familiar with the discussions told Reuters on Monday that Arabtec had been in talks withKharafi National, part of the Kharafi Group, to fully acquire the company. On Monday, both Arabtec and Kharafi declined to comment.

On Wednesday, Arabtec said: "The company denies that it will acquire Kharafi National."

Earlier on Wednesday, Arabtec issued another statement saying its board had not taken any decision on the acquisition of another company. It did not mention Kharafi National.

Its shares were subsequently suspended from trading at the request of the regulator.

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