x Abu Dhabi, UAESaturday 22 July 2017

Arabtec ‘respects’ SCA decision to suspend company’s shares

In a statement to the Dubai bourse on Thursday morning, Arabtec said that the SCA’s decision to suspend trading in the company’s shares listed at the Dubai Financial Market the previous day was a 'normally precautionary step'.

Arabtec earlier denied rumours that it was on the verge of taking over the Kuwaiti firm National Kharafi. Antonie Robertson / The National
Arabtec earlier denied rumours that it was on the verge of taking over the Kuwaiti firm National Kharafi. Antonie Robertson / The National

The UAE’s largest listed contractor Arabtec said yesterday that it respected the decision by the Securities and Commodities Authority to take the unusual step of suspending the company’s shares.

In a statement to the Dubai bourse, Arabtec said that the SCA’s decision to suspend trading in the company’s shares listed at the Dubai Financial Market on Wednesday was a “normally precautionary step”.

“We respect the authority’s decision, which is line with the developed regulatory framework that governs financial markets in the UAE,” said Hasan Abdullah Ismaik, the managing director and chief executive of Arabtec. “This positive experience will strengthen our already solid relationship with the authority and will confirm our commitment to comply with all laws and regulations regarding disclosure and transparency in a way that would achieve the interests of the company and its shareholders”.

The company also said that it would continue to explore mergers and acquisition opportunities in the UAE and the Mena region.

The DFM suspended Arabtec shares from the start of formal trading on Wednesday following a request from the SCA. No reason was provided for the suspension.

The move came after Arabtec denied rumours that it was on the verge of taking over the Kuwaiti firm National Kharafi.

Shares of Arabtec closed 1.83 per cent lower at Dh4.82 on the Dubai Financial Market. However, the contractor’s shares are up 67.94 per cent so far this year.

lbarnard@thenational.ae

lbarnard@thenational.ae

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