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Aabar Says Arabtec Talks Would Be Confidential

Aabar Says Arabtec Talks Would Be Confidential

Aabar’s statement followed media reports last week that said the fund was in talks to buy at least part of the 28.85 per cent stake owned by Arabtec’s former chief executive Hasan Ismaik.

Abu Dhabi state fund Aabar Investment, a major shareholder in Dubai builder Arabtec, said on Sunday that it was studying different options for its stake but that any talks on a deal would remain confidential.

Aabar’s statement followed a report by Bloomberg last week saying the fund, which currently owns 18.94 per cent of Arabtec, was in talks to buy at least part of the 28.85 per cent stake owned by Arabtec’s former chief executive Hasan Ismaik, who abruptly resigned last month.

Dubai’s bourse suspended trading in Arabtec shares on Thursday pending clarification. Although Aabar’s statement did not say whether the report was true or false, the bourse lifted the suspension on Sunday.

“As a partner committed to and supporting Arabtec, Abaar asserts that it is currently studying a number of strategic options regarding its investments in Arabtec,” Aabar said.

But “any talks it may have with any party regarding these investments are highly confidential until a decision is made,” it added, promising to notify the market as soon as it made a decision on its options.

Arabtec shares fell 1.8 per cent in the opening minutes of trade.

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