Arabtec regains ground after CEO resigns | Arabtec regains ground after CEO resigns -
Arabtec

Arabtec regains ground after CEO resigns

: Wednesday, June 18 - 2014 @ 14:45

The Dubai financial market general index (DFMGI) closed 0.60 per cent to hit 4,522.30 points on Wednesday, June 18 amid neutral market breadth.

Construction giant Arabtec Holding as the most liquid shares jumped 1.90 per cent to hit AED4.30 after Al Arabiya TV said Arabtec CEO Hasan Ismaik resigned to pursue other business interests citing unnamed sources. Mohamed Al-Fahim as been appointed acting CEO.

Since its 2014-peak on May 14, Arabtec shares lost 41 per cent in value. On June 5 it was revealed that Ismaik became Arabtec’s biggest shareholder after he increased his stake to 28.84 per cent from 20.51 per cent.

One of its top shareholders Aabar reduced its stake in Arabtec to 18.85 per cent from 21.57 per cent.

Approximately 430 million shares were traded valued at AED1.340 billion.

Gérard Al-Fil

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Wednesday, June 18- 2014 @ 14:45 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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