x Abu Dhabi, UAEThursday 27 July 2017

Glitch scares Arabtec stockholders

The reduction in Aabar's stake came shortly after the Arabtec chief executive, Hasan Ismaik, increased his shareholding in the construction firm to 28.85 per cent from just 8.03 per cent in late May.

Shares in Arabtec fell sharply yesterday amid confusion over Aabar Investments' stake in the company.
The construction company's shares closed down 10 per cent at Dh4.50 each, leaving the stock at its lowest level since early April.
The sell-off came after the Dubai Financial Market website indicated mid-morning that Aabar, the Abu Dhabi investment fund, had reduced its shareholding to 14.32 per cent from 18.85 per cent.
However, the DFM later updated the Aabar's shareholding in the company to 18.94 per cent, saying that "a temporary system glitch during the last hour of [the] trading session caused the misinformation pertaining to the 14.32 per cent quoted in some media reports today".
Aabar last week trimmed its stake to 18.85 per cent from 21.57 per cent.
The confirmation of Aabar's rediuced stake came shortly after the Arabtec chief executive, Hasan Ismaik, increased his shareholding in the construction company to 28.85 per cent, from 8.03 per cent in late May.
jeverington@thenational.ae
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