Arabtec’s Board To Meet On July 24 To Review Q2 Results

The board of Dubai construction company Arabtec will meet on Thursday afternoon to review its second-quarter earnings statement and other reports and recommendations, the company said on Monday.

The meeting will take place at the Abu Dhabi offices of International Petroleum Investment Co (IPIC), parent of Aabar Investments, which owns 18.94 per cent of Arabtec.

The brief statement did not give any details of the reports and recommendations to be reviewed.

Arabtec shares have been swinging wildly in recent weeks, moving the entire Dubai stock market, in response to speculation about the company’s future after the sudden resignation of chief executive Hasan Ismaik in mid-June.

Many investors hope Aabar will buy at least part of the 28.85 per cent stake owned by Ismaik. Aabar said on Sunday that it was studying different options for its investment in Arabtec but that any talks on a deal would remain confidential; it did not elaborate.