Former CEO of Dubai's Arabtec trims stake
Stock exchange data shows Hasan Ismaik has sold $4m worth of shares
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.