The former Arabtec chief executive Hasan Ismaik has sold a small part of his shareholding in the construction company, according to data from Bloomberg. This is the first time he has sold shares since his departure in June.
He sold 3.5 million shares on Wednesday with a value of $4 million, reducing his holding to 28.77%. Arabtec's shares closed down at AED4 on Wednesday, having lost 3.85%.
Speculation over the future of Ismaik's stake has weighed heavily on the company's shares and the Dubai Financial Market. Last week, Aabar Investments was supposedly in talks to buy at least half of the 28.8% shareholding owned by Ismaik.
Aabar released a statement, in which it disclosed only that it was in discussions about the future of its holding in the company. “As a partner committed to and supporting Arabtec, Aabar asserts that it is currently studying a number of strategic options regarding its investments in Arabtec,” Aabar said in a disclosure published on the DFM website on Sunday.
“Any talks it may have with any party regarding these investments are highly confidential until a decision is made.”