Arabtec: No material news to affect share priceby Paromita Dey on Mar 1, 2016
Dubai-listed contractor Arabtec said that there was no material news, either technical or operational, to affect its share price.
In a statement to the Dubai Financial Market (DFM), the company said with regards to the increase in the company's share price, there are no material news, whether operational or technical, which can affect the prices, that have not been disclosed to the market.
"We would like to reiterate our commitment to adhere and comply with the legislative provisions regarding disclosures and transparency," read the statement.
The shares had soared their daily limit on Monday, jumping 14.3% to $0.39 (AED1.44) in their heaviest volume since June 2009.
It was reported that Arabtec’s former chief executive officer Hasan Ismaik has increased his shareholding in the contractor.
Ismaik’s shareholding in the company increased to 11.9% from 11.8%, according to the DFM website. The stock rose by more than 14%.