Aabar will not up Arabtec stake
Contractor to preserve liquidity, enter infrastructure says Arabtec MD
Aabar Investments will not increase its current 21% in Arabtec Holding, managing director Hasan Abdulla Ismaik has said.
Arabtec replaced its founder and CEO Riad Kamal last week in a major shakeup driven by the state-owned investment fund. It also revealed plans to raise $1.8bn to finance further growth.
"Aabar's stake is supportive to Arabtec but they have not applied for an increase of their stake," said Ismaik in comments to Abu Dhabi TV then quoted by state news agency WAM.
Last year Aabar increased its stake in Arabtec to 21%, and the denial is one of many that Arabtec has since made in an attempt to silence the recurrent rumours of plans for a more substantial Aabar takeover.
"Arabtec Holding seeks to preserve liquidity and does not want to borrow and be under burdens," he affirmed.
However, Ismaik did reveal that Arabtec Holding intends to expand its project role into the infrastructure sector, in addition to the oil and gas sector, in a new bid to increase its share of projects in the Gulf.