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.

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