Former Arabtec CEO sells shares to Aabar

15.11.2014
Arabtec’s shares closed 1.2% higher now at AED4.26. That is 42% lower than its record AED7.4 reached in May.
Hasan Ismaik, the former chief executive of Arabtec, has sold part of his stake in the construction company in a deal worth almost US$1bn.
Abu Dhabi government-backed Aabar Investments has now raised its holding in Arabtec to 34.93%, the DFM said after the close of the market today.
According to The National, it is unclear whether Ismaik realised a gain or loss after the trade.
The stake held by Mr Ismaik and companies related to him has now dropped to 11.8%, while Aabar acquired more than 700 million shares in the deal, the bourse said.
Arabtec’s shares closed 1.2% higher now at AED4.26. That is 42% lower than its record AED7.4 reached in May.


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