Arabtec Tumbles Second Day Amid Stake Speculation: Dubai Mover - Bloomberg:
"Arabtec Holding Co. (ARTC) declined for a second day as some investors speculated that stake talks between former chief executive officer Hasan Ismaik and state-controlled Aabar Investments PJSC have broken down.
The United Arab Emirates’ biggest publicly traded construction company fell 3.4 percent to 4.30 dirhams at 11:18 a.m. local time, the lowest since Aug. 24. The shares dropped 9.2 percent yesterday. Hisham Khairy, the Dubai-based head of institutional trade at Mena Corp. Financial Services LLC, said there is speculation that talks between Ismaik and Aabar ended without a resolution, and Aabar may sell some of its holding.
Arabtec was at the center of a selloff in June that wiped more than 20 percent off the value of Dubai’s benchmark stock index, triggered by management changes and investor concern the company may be losing support from Abu Dhabi. Khadem Al Qubaisi, chairman of the builder and its second-largest shareholder Aabar, said July 2 the investor may raise its holding in Arabtec. Ismaik, who owns about 28 percent of the company, said last month he rejected an offer from Aabar to buy part of his stake."
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