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.
Net profit fell to SAR7.91 million ($2.1 million) in the three months to June 30 from SAR25.38 million a year earlier, the company said in a statement.
A senior official was quoted as saying in the local media that the imams were under investigation “for allegedly failing to highlight the incident in their sermons”.
The economic rebound seen both locally and internationally has seen deal-making revived in the last two years, with many now divesting stakes and looking for new opportunities.
The Securities and Commodity Authority said a new “technical committee” would ensure the integrity of share trading and prevent any manipulation of stock prices.
On Thursday, the Dubai bourse said it was suspending trade in Arabtec pending clarification on media reports about strategic partners’ stake in the firm.