Major Dubai Builder Denies Acquisition Reports dubaipropertysociety/major-dubai-builder-denies-acquisition-reports/ One of Dubai’s largest builders has denied it is on the look-out for takeover targets, following reports they could be looking at snapping up a number of acquisitions. Arabtec, which is Dubai’s largest publicly-traded construction company, issued a formal statement in which it said that it is: “constantly evaluating available acquisition opportunities with the highest return for Arabtec, which will serve the company’s best interests and that of its shareholders.” It added: “As for the aforesaid news, we would like to deny the same and to confirm that, at the present time, Arabtec is not undertaking any acquisitions.” Major wires agency Bloomberg had earlier report that Arabtec was using the services of consultancy PriceWaterhouseCoopers to find appropriate targets for acquisition. Shares in the embattled company fell a further 4.78% yesterday following a drop of 3.75% the previous day as investors turned their back on the statement from the company. The firm has had a turbulent year following the resignation of CEO Hasan Ismaik in June.
Posted on: Wed, 07 Jan 2015 05:38:37 +0000
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