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Arabtec CEO raises personal stake

Arabtec1Hasan Abdullah Ismaik, the chief executive of Dubai-based construction company Arabtec, has increased his personal stake in the company to more than 8 percent, records on the Dubai bourse website show.

Arabtec has been on an aggressive expansion drive since Ismaik took charge in February after a management shake-up ousted founder Riad Kamal.

It recently announced a plan to launch a joint venture with South Korea’s Samsung Engineering to focus on large energy and power-related projects in the region.

The company was also reported to be in talks to merge with construction contractors in Saudi Arabia and Kuwait, though Arabtec denied the claims.

Ismaik’s stake in Arabtec is worth about $159 million based on Wednesday’s closing share price, according to Reuters calculations.

His previous shareholding in the company has not been disclosed. Market regulations state that investors holding 5 percent or more must disclose their stake to the bourse.

The company’s largest shareholder is still Abu Dhabi state fund Aabar Investments, which own 21.57 percent.-Reuters