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Thu 18 Mar 2010 10:56 AM

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Morgan Stanley cuts Arabtec rating on Aabar plan

'The outcome of the Aabar transaction limits our ability to have an active view' - analyst.

Morgan Stanley cuts Arabtec rating on Aabar plan
RATINGS CUT: Arabtec was cut to equal-weight from overweight.(ITP Images)

Arabtec Holding, the UAE construction company, was cut to “equal-weight” from “overweight” and had its price estimate removed at Morgan Stanley.

“The outcome of the Aabar transaction limits our ability to have an active view,” analyst Muneeba Kayani wrote in a note to investors dated March 18.

Arabtec said Feb. 28 it agreed with Abu Dhabi government- controlled Aabar Investments to extend the due diligence process for an Arabtec stake to April 16. Aabar has offered to buy 70 percent of Arabtec through the purchase of mandatory convertible bonds.

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