Dubai's Arabtec says unaware of potential stake sale by ex-CEO

Shares jumped on Monday amid speculation of a deal to sell stake to Abu Dhabi's Aabar Investments
Dubai's Arabtec says unaware of potential stake sale by ex-CEO
Hasan Ismaik, former managing director and CEO of Arabtec Holding.
By Reuters
Tue 16 Sep 2014 10:07 AM

Dubai
contractor Arabtec Holding said on Tuesday it was unaware of any stake sale
agreement between its largest shareholders following reports that the company's
former chief executive was about to sell at least part of his stake.

Arabtec
"does not have the information" on such a deal, it said in a bourse
statement.

Shares
in Arabtec jumped 3.7 percent to AED4.77 on Monday following a report that
its former chief executive Hasan Ismaik had agreed to sell half of his 27.9
percent stake in the firm to Abu Dhabi state fund Aabar Investments at a price
of between AED5.00 and AED5.50 per share.

After
trading closed, a source close to Ismaik told Reuters that he had agreed in
principle to sell at least part of his stake. The source declined to elaborate
on the deal's size or price but said it would be announced soon.

Aabar
currently owns 18.94 percent of Arabtec, making it the second-largest
shareholder after Ismaik.

For all the latest market 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.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.