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Arabtec: No changes in the board of directors

by Paromita Dey on Mar 7, 2016


It was reported that Arabtec’s former chief executive officer Hasan Ismaik has increased his shareholding in the contractor.
It was reported that Arabtec’s former chief executive officer Hasan Ismaik has increased his shareholding in the contractor.

Dubai-based contractor Arabtec has denied any rumours surrounding the appointment of Hasan Ismaik as the chairman/member of board of directors for the company.

The listed contractor, in its statement to the Dubai bourse, said: "All rumours regarding the appointment of Hasan Ismaik as the chairman/member of board of directors are false and are not based on any true facts or events."

The company also cleared the fact that they are not anticipating any change to the board of directors of Arabtec at this stage.

"We would like to reiterate our commitment to adhere and comply with the legislative provisions regarding disclosures and transparency," read the statement.

Earlier last month, 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, but the rumours were later flagged down by the contractor.



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