Just in:
Global Audience to Witness Thrill of Dubai World Cup // Ingdan Announces 2023 Annual Results // 2024 Lok Sabha Elections Will Be The Costliest One Till Now In The Whole World // Samsung Electronics Launches 2024 Neo QLED 8K, Neo QLED, and OLED Displays to Spark the AI Screen Era // Following the Money Trail: US and UK Investigate $20 Billion in USDT Transfers Tied to Sanctioned Russian Exchange // TUMI Hosts Global Launch Event in Singapore to Unveil Women’s Asra Collection and Announce Global Ambassador, Mun Ka Young // US reiterates concern over Kejriwal arrest, Cong accounts // Octa seeks to clarify Forex swap and swap-free accounts // Emirati Aid Reaches Ukraine as Food Shortages Bite // Sharjah Chamber Breaks Ground on Final Expansion with New HQ Pact // Samsung Partners National Heritage Board to Bring a Slice of Singapore’s Cultural Heritage to Samsung The Frame TV // Digital Hub Unveiled: Xposure Launches Platform for Global Photography Community // Saudi Arabia Unveils Green Financing Tool to Achieve Net-Zero Goals // CABSAT 2024 Ushers in 30 Years of Media Innovation // Infineon and HD Korea Shipbuilding & Offshore Engineering jointly develop ship electrification technology // Sunshine’s Debut Features Leave Tech World Scratching Its Head // Hong Kong Crypto Exchange Application Stalled by US Lawsuit // U.S. Compliance Takes Center Stage at OKX Following Industry Jitters // Universal Language for Healthcare: General Authority Embraces Global Coding System // New Nylon Constant Torque Hinge From Southco Provides Position Control In A Compact Package //
HomeEconomyEx-CEO cuts Arabtec stock holding

Ex-CEO cuts Arabtec stock holding

Arabtec logo is seen on buildings under construction in the Marina area of Dubai Dubai construction company Arabtec’s former boss has sold about $4 million worth of shares in the group this week, cutting his stake slightly, stock exchange data showed.

Arabtec’s shares have swung around wildly this year on apparent tensions between chief executive Hasan Ismaik and Abu Dhabi state fund Aabar Investments, also a major Arabtec shareholder. Ismaik resigned abruptly in June.

Ismaik cut his stake to 28.77 percent from 28.85 percent, the website of the Dubai Financial Market showed. The new data was published on Thursday, implying the shares were sold on Wednesday.

ADVERTISEMENT

The data showed 3.52 million shares were sold, worth 14.6 million dirhams ($4.0 million) at Wednesday’s closing stock price. Ismaik, who earlier this week declined to comment on his stake, remains the biggest shareholder in Arabtec.

Aabar Investments is the second biggest shareholder with 18.94 percent, according to the DFM. Ismaik’s resignation fuelled a collapse in Arabtec’s share price that dragged down the entire Dubai stock market.

Investors are now speculating that Aabar may buy part or all of Ismaik’s stake. In a brief statement on Sunday, Aabar said it was studying different options but that any negotiations would be confidential.

Ismaik said in late June, after resigning, that he had received several offers for his stake from parties he declined to identify, but that he might only consider selling at 6 or 7 dirhams per share. The stock last traded at 4.00 dirhams.

Arabtec’s board met on Thursday to review its second-quarter earnings and other issues, the company said; the earnings are expected to be announced on Sunday. Arabtec is one of Dubai’s biggest companies by market capitalisation.-Reuters

ADVERTISEMENT

ADVERTISEMENT