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.
"does not have the information" on such a deal, it said in a bourse
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.
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.
currently owns 18.94 percent of Arabtec, making it the second-largest
shareholder after Ismaik.
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