Drake & Scull CEO buys 6% of Depa for over $25m

Ex-Arabtec chief sells share in contractor to board member Tabari

Drake & Scull CEO Khaldoun Tabari
Drake & Scull CEO Khaldoun Tabari

In a stockmarket filing made by Depa earlier today. the company announced that Kamal, who was a former board member of Depa until a reshuffle in May last year, had sold 37,567,493 shares at a price equating to $0.67 per share, or $$25.17m,  to Mr Tabari.  The shares were sold through Mr Kamal's company Skyberry Ltd.

The deal actually took place in November 2013, but a delay in announcing the deal was blamed on "administrative matters"

During the interim period, Arabtec's board had to issue a statement linking it to a potential takeover of Depa as 'baseless'.

Arabtec bought a 24% stake in Depa in November 2012 for $65.8m in November 2012.

Mr Kamal resigned from his post as Arabtec CEO in February 2013, and at Depa's AGM in May 2013 he stepped down from the board of Depa. During the same general meeting at Depa, four other members of Arabtec's board including new CEO Hasan Abdullah Ismaik were voted onto the board, alongside Drake & Scull's Mr Tabari.

Mr Ismaik was subsequently voted in as chairman of Depa in June 2013.

Depa's longstanding CEO and co-founder Mohannad Sweid left the company in October 2013, and the CEO of its Dubai office, Nadim Akhrass, was appointed as acting CEO.

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