Arabtec Gains After Aabar Weighs Stake Increase: Dubai Mover - Bloomberg:
"Arabtec Holding Co. (ARTC) rose after its second-biggest shareholder Aabar Investments PJSC said it may increase its stake in the company that helped build the tallest tower in the world.
Shares in the United Arab Emirates’ largest listed construction company jumped 6.3 percent to 3.52 dirhams at the close, bringing its three-day advance to 35 percent, the most since February 2009. Khadem Al Qubaisi, chairman of both companies, said at a press conference after close of trading yesterday that Aabar was considering buying more shares in the builder.
Abu Dhabi state-run Aabar cut its holdings in Arabtec to about 19 percent in June from almost 22 percent, stoking speculation the company was losing government backing. Arabtec was at the heart of Dubai’s selloff last month, as Chief Executive Officer Hasan Ismaik resigned and it dismissed staff. Dubai’s gauge, the world’s best performing in dollar terms this year, entered a bear market on June 23 and posted its worst month in more than five years, losing 22 percent of its value."
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