Arabtec CEO Ismaik Almost Triples Stake in U.A.E. Builder - Bloomberg

Arabtec CEO Ismaik Almost Triples Stake in U.A.E. Builder - Bloomberg:



"Arabtec Holding Co. (ARTC) Chief Executive Officer almost tripled his stake in the United Arab Emirates’ biggest publicly traded construction company.



Hasan Ismaik, who is also Arabtec’s managing director, raised his stake to 21.5 percent from 8.03 percent through direct purchase from the market, the U.A.E.-based company said in an e-mailed statement.



“Investment in Arabtec should be strategic and long term,” the statement quoted Ismaik as saying.



Arabtec shares dropped 5.4 percent at the close in Dubai today to 6.30 dirhams, valuing the company at 27.7 billion dirhams ($7.5 billion.) The shares have gained 207 percent this year, almost five times as much as the benchmark DFM General Index. (DFMGI)"



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