Dubai's Arabtec Buys Stake In Interiors Contractor Depa - Gulf Business
Now Reading
Dubai’s Arabtec Buys Stake In Interiors Contractor Depa

Dubai’s Arabtec Buys Stake In Interiors Contractor Depa

Arabtec will buy 149.6 million shares in Depa, valued roughly at $65.8 million.

Arabtec Holding, Dubai’s largest listed builder, said on Thursday it will acquire a stake in Depa, a day after the interior contractor’s shares jumped 47 per cent on a rumoured buy.

Arabtec said its board had approved the purchase of 149.6 million shares in Depa – valued at $65.8 million based on Wednesday’s closing share price on Nasdaq Dubai – and it would take effect on Nov. 22.

The builder, in which Abu Dhabi investment fund Aabar owns a stake, said it was buying the shares from various investment funds. It did not disclose the price it paid for the shares.

Shares in Depa soared on Wednesday, hitting a five-month high at $0.44.

About 150 million shares changed hands, which is more than what the company’s shares traded in the previous two years combined.

Depa said in a statement on Wednesday that “the name of the purchaser, the size of their current stake and their intentions are unknown.”

Arabtec and a consortium of Turkish and Greek firms were awarded a $2.9 billion contract in June to build a mid-field airport terminal in Abu Dhabi. In the same month, Depa and its German joint venture partner saw a $245 million contract to fit out the new Doha International Airport terminated.

© 2021 MOTIVATE MEDIA GROUP. ALL RIGHTS RESERVED.

Scroll To Top