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Arabtec disclaims knowledge of stake sale

Arabtec logo is seen on buildings under construction in the Marina area of Dubai 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 4.77 dirhams 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 5.00 and 5.50 dirhams 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.-Reuters