MIDEAST STOCKS-Dubai's Drake & Scull hits record high, UAE mkts rise | Reuters:
"Shares in Dubai construction firm Drake & Scull surged to an all-time high on speculation that the firm might become a takeover target, while earnings optimism lifted United Arab Emirates markets in general on Tuesday. Other Gulf bourses were flat to higher in thin trading.
Drake, which specialises in mechanical work, engineering and plumbing, gained 8.4 percent. It has risen 64.8 percent year-to-date, partly on talk that that a strategic investor could buy a major stake, with builder Arabtec viewed by analysts as a possible buyer.
Drake did not immediately respond to a request for comment, while an Arabtec spokesman could not immediately be reached for comment. In May, Drake's chief executive Khaldoun Tabari, who owns about 44 percent of the company directly and through other firms, said he had no plans to sell his stake."
'via Blog this'
No comments:
Post a Comment