Arabtec Speculation Lifts Dubai Shares in Dubai builder Arabtec rose as speculation grew about the sale of the stake owned by former CEO Hasan Ismaik. peculative bets on Dubai builder Arabtec helped lift the emirate’s bourse in early trading on Sunday, while most markets in the region also edged up. Shares in Arabtec jumped 2.6 per cent, dominating turnover in Dubai as the bourse’s main index rose 0.2 per cent. “What’s happened to Arabtec is still to do with the speculation on who will buy the stake from (former chief executive) Hasan Ismaik,” said Sanyalak Manibhandu, manager of research at NBAD Securities in Abu Dhabi. Ismaik, who quit in June, owns a 27.9 per cent stake in Arabtec and many investors hope he will sell it to a large state-owned entity such as Abu Dhabi state fund Aabar Investments, which already owns 18.94 per cent of the firm
Posted on: Sun, 24 Aug 2014 14:17:57 +0000
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