Aabar Buys 707 million Arabtec Shares from Former CEO Hasan Ismaik Sent from my iPhone

11/11/2014 Argaam

Aabar Investments upped its stakes in Arabtec Holding on Tuesday after purchasing 707 million shares from the Dubai-based construction giant at AED 5 per share.

 

 Aabar bought the shares from Arabtec's former chief executive Hasan Ismaik and other companies associated with him, according to a statement issued by the Dubai Financial Authority.

 

The deal amounted to AED 3.35 billion. Aabar holds currently a 34.93 percent stake in Arabtec, or 1,535 million shares.

 

Ismaik currently holds an 11.80 percent stake in the company, which is equivalent to about 518.6 million shares. Before the transaction, he held nearly 28 percent of the company's shares, according to data compiled by Argaam. 

 

Arabtec’s shares closed trading at AED 4.26 on Tuesday.

Comments {{getCommentCount()}}

Be the first to comment

{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
{{comment.Replies.length}}
تعديل
loader Train
Report
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.