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Arabtec sees trading of its shares suspended

Move by authorities follows speculation over Kuwaiti acquisition

Arabtec CEO Hasan Abdullah Ismaik accepted the decision of the Securities and Commodities Authority.
Arabtec CEO Hasan Abdullah Ismaik accepted the decision of the Securities and Commodities Authority.

No reason was provided for the suspension which came into effect at 6am on Wednesday (26 February).

The UAE-based construction giant was earlier revealed to be in talks to fully acquire a construction unit of Kuwait's Kharafi Group, sources familiar with the matter told Reuters.

Failure to disclose such activity to the market would be in violation of the Securities and Commodities Authority’s regulations.

In a statement, Arabtec accepted the authority’s decision and “acknowledges this as a standard precautionary step within the authority’s powers to protect the rights of the shareholders in accordance with the laws and regulations prevailing in the UAE.”

“We respect the authority’s decision, which is line with the developed regulatory framework that governs financial markets in the UAE,” said Hasan Abdullah Ismaik, managing director and CEO of Arabtec Holding.

“This positive experience will strengthen our already solid relationship with the authority and will confirm our commitment to comply with all laws and regulations regarding disclosure and transparency in a way that would achieve the interests of the company and its shareholders,” he added.

The company added that it will “continue to explore prevailing opportunities for mergers and acquisition in the markets of the UAE and the Middle East and North Africa region”.

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Construction Week - Issue 749
Sep 15, 2019