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Mon 7 Mar 2016 10:38 AM

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UAE's Arabtec denies rumours of former CEO Ismaik joining board

Statement comes after Ismaik raised his investment in the contractor to 11.91% from 11.81%

UAE's Arabtec denies rumours of former CEO Ismaik joining board

Rumours that a former chief executive of Arabtec Holding, Hasan Ismaik, will be appointed to its board are false, the Dubai-listed construction firm said on Monday.

"The rumours over the appointment of Mr Hasan Ismaik as Chairman or member of the board of directors of Arabtec are false and are not based on any true facts or events," Arabtec said in a bourse filing.

"Moreover, we are not anticipating any change to the board of directors of Arabtec at this stage."

The statement comes after Ismaik raised his investment in the contractor to 11.91 percent from 11.81 percent.

News of the stake increase ignited frenzied speculative buying of Arabtec's shares, which has long been one of the most volatile stocks on Dubai's stock market.

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