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Aabar raises its Arabtec stake to 35%
Aabar bought the shares from former Arabtec chief executive Hasan Ismaik, whose stakes now dropped to 11.8 per cent.
Aabar Investments raised its stake in Dubai-listed construction firm Arabtec to 34.93 per cent from 18.94 per cent with an off-market trade on Tuesday, the bourse said in a statement.
The trade, which made Aabar the biggest shareholder in Arabtec, was done at a price of Dh5 per share, compared to the stock’s closing market price of Dh4.26.
Aabar bought the shares from former Arabtec chief executive Hasan Ismaik, whose stakes now dropped to 11.8 per cent.
Arabtec Holding’s former CEO sold part of his stake in the construction firm to Aabar Investments, making it the largest shareholder, according to a person with knowledge of the deal.
Aabar raised its holding in Arabtec to 35 per cent, said the person, who asked not to be identified because the matter is private. Before the deal, former CEO Hasan Ismaik owned 27.9 per cent of the UAE’s biggest construction company, while Aabar held 18.9 per cent.
Compiled from agencies
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