Arabtec says no plan to raise Depa stake

Dubai builder Arabtec Holding said on Monday that it had no plans to increase its stake in interior contracting firm Depa.

Recent media speculation about increasing its stake in Depa was baseless and “there are no plans at this stage”, Arabtec said in a statement on Dubai’s bourse.

The Dubai-based contractor acquired a 24 percent stake in Depa in Nov. 2012 for 241.7 million dirhams ($65.8 million).

Shares in Depa have risen 94.3 percent year-to-date, partly on speculation of Arabtec raising its stake in the company.-Reuters

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