News Column

Arabtec CEO looks to calm investors

June 11, 2014

ArabianBusiness.com Staff



Arabtec's CEO Hasan Ismaik said that the changes in share price over the last two weeks should not affect investors' confidence in the company.

Shares have dropped 24% in the past week and, on Monday alone, the company shed nearly 10% of its value on the stock market.

In a statement, Ismaik said that "rumours spread about changes in the share price during the last two days, which are influenced by the conditions of supply and demand, should not affect investors and shareholders confidence in the company, which must depend basically on Arabtec's strong performance and financial position, as manifested in its financial statements…"

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In May, Ismaik increased his personal stake in the company from just over 8% to 21.4%.

Arabtec reported a net profit of $37.6mn (AED138mn) for the first quarter of 2014, marking an increase of 121% on Q1 2013 $17mn (AED62.5mn).


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Construction Week (United Arab Emirates)


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