Ismaik nets nearly $50m from share sales

14.08.2014
The former CEO of Arabtec has sold a total of 41.8 million shares since July 23 - representing 4.3% of his stake and 0.9% of the company. The former Arabtec chief executive Hasan Ismaik has earned US$48 million from the sale of shares in the company over the past month, according to The National.
Ismaik's shares that were sold equate to 0.9% of the company and 4.3% of his stake. He has reportedly sold 41.8 million shares since July 23. He remains Arabtec’s largest shareholder, with a stake of 27.9% of the company. At current prices, his remaining stake is worth $1.36bn.
On Wednesday, Arabtec had a market capitalisation of US$5.02 billion as of the close of trade.
The relatively small sales volumes suggest that Ismaik has been selling shares on the open market, rather than placing his stake with an institutional investor.
Bloomberg previously reported that Mr Ismaik was in discussion with Arabtec to sell half of his stake for between AED5 and AED6 per share. This would be a significantly better deal for Mr Ismaik than selling on the open market, and would have netted him an extra $14.6m.
Arabtec declined to comment.
Ismaik left Arabtec abruptly on June 17, precipitating a crisis in the company’s share price, which plummeted to less than half of its May value.

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