Arabtec Holding, Dubai's largest listed builder, said on Thursday it will acquire a stake in Depa, a day after the interior contractor's shares jumped 47 percent on a rumoured buy.
Arabtec said its board had approved the purchase of 149.6 million shares in Depa - valued at $65.8 million based on Wednesday's closing share price on Nasdaq Dubai - and it would take effect on Nov. 22.
The builder, in which Abu Dhabi investment fund Aabar owns a stake, said it was buying the shares from various investment funds. It did not disclose the price it paid for the shares.
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