Arabtec CEO Hasan Ismaik has resigned with immediate effect after a tumultuous month for the group’s share price in which Mr. Ismaik accumulated much of his controversial 28.8 per cent stake. Mohammed Ali Al Fahim, a board member from major shareholder Abu Dhabi’s International Petroleum Investment Company, is expected to be confirmed as his replacement.
It’s not known why or how Mr. Ismaik came to buy the stake. At first impression it just looks a case of incredibly bad timing or may be he is genuinely convinced that the business will turnaround far more quickly than others realize.
No comments:
Post a Comment