Aabar Investments PJSC (AABAR), which dropped a $1.74 billion offer for Arabtec Holding PJSC (ARTC) two years ago, is set to have four seats on the Dubai builder’s board as it raises its stake in the company.
Aabar Chairman Khadem Alqubaisi, Chief Executive Officer Mohamed Badawy Al-Husseiny, and board members Mohamed Al Fahim and Mohamed Al Mehairi were nominated to Arabtec’s board, according to a statement on the Dubai bourse today. Aabar, through its units, holds 10.45 percent of Arabtec, the latest filings on the stock exchange show.
Aabar’s “consolidation to increased ownership was definite, which is translating to the expected control” of Arabtec, said Yazan Abdeen, who helps oversee about $250 million as a fund manager at ING Investment Management in Dubai.
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