Arabtec Shares Advance in Dubai After Aabar Boosts Stake - Bloomberg:
"Arabtec Holding Co. (ARTC) jumped to the highest in almost two weeks after its former chief executive officer sold part of his stake to Aabar Investments PJSC, making the Abu Dhabi-government backed company the biggest shareholder.
Arabtec, the United Arab Emirate’s largest publicly traded construction company, climbed 2.1 percent at 10:51 a.m. in Dubai to 4.35 dirhams, the highest since Nov. 2. It was the most traded stock on the emirate’s DFM General Index (DFMGI), which rose 0.2 percent. Aabar raised its holdings in Arabtec to almost 35 percent when it paid $962 million for part of Hasan Ismaik’s stake.
The transaction between Arabtec’s two largest shareholders concludes months of speculation that roiled the company’s shares as well as the wider Dubai stock market. Ismaik’s resignation in June and the subsequent dismissal of top managers threw into doubt an expansion plan that saw Arabtec shares quadruple in value during his 15 months in charge. The stock slumped 61 percent that month and Dubai’s benchmark index dropped 22 percent."
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