Former CEO of Dubai's Arabtec trims stake

Stock exchange data shows Hasan Ismaik has sold $4m worth of shares

Former chief executive Hasan Ismaik
Former chief executive Hasan Ismaik

Dubai construction company Arabtec's former boss has sold about $4mn worth of shares in the group this week, cutting his stake slightly, stock exchange data showed.

Arabtec's shares have swung around wildly this year on apparent tensions between chief executive Hasan Ismaik and Abu Dhabi state fund Aabar Investments, also a major Arabtec shareholder. Ismaik resigned abruptly in June.
Ismaik cut his stake to 28.77% from 28.85%, the website of the Dubai Financial Market showed. The new data was published on Thursday, implying the shares were sold on Wednesday.

The data showed 3.52mn  shares were sold, worth AED14.6 million ($4mn) at Wednesday's closing stock price. Ismaik remains the biggest shareholder in Arabtec.

Aabar Investments is the second biggest shareholder with 18.94%, according to the DFM. Ismaik's resignation fuelled a collapse in Arabtec's share price that dragged down the entire Dubai stock market.

Investors are now speculating that Aabar may buy part or all of Ismaik's stake. In a brief statement on Sunday, Aabar said it was studying different options but that any negotiations would be confidential.

 

 

Most popular

Awards

CW Oman Awards 2020: Meet the winners
A round of the thirteen winning names at the Construction Week Oman Awards 2020 that

Conferences

Leaders UAE 2020: Building a sustainable, 'resilient' infra
AESG’s Phillipa Grant, Burohappold’s Farah Naz, and Samana's Imran Farooq on a sustainable built environment
CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this

Latest Issue

Construction Week - Issue 767
Sep 01, 2020