Trading in Arabtec shares suspended

Action taken amid media reports of possible investment

NEWS, Business, Aabar Investments, Arabtec

Trade in shares of Dubai construction firm Arabtec were suspended from the opening on Thursday pending clarification of media reports on possible investment in its shares, a bourse spokesman told Reuters.

Arabtec shares, the most heavily traded on the bourse, have risen sharply this week on speculation that Abu Dhabi state fund Aabar Investments, a big shareholder, may further raise its stake from the current 18.94%.

Investors believe Aabar may do this by buying part of the 28.85% stake held by former chief executive Hasan Ismaik, who resigned last month.

Aabar has declined to comment. 

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