News Column

No plans to sell stake: ex-Arabtec CEO

June 30, 2014

THE FORMER chief executive of major Dubai construction firm Arabtec, who abruptly resigned from the company last month, said he had no plans to sell his 28.85 per cent stake.Hasan Ismaik left Arabtec's board, resigning as chief executive at the same time, and ending a tumultuous few weeks for the company in which its shares plunged and major shareholder Aabar Investments cut its stake. The selling dragged down the entire Dubai stock market.

"I will keep it," Ismaik said when asked if he would now seek to offload his stake in Arabtec, which at current market prices is worth around $1.47 billion.

He did not say how he had financed his holdings in the company. In late May, Arabtec said Ismaik had raised his stake to 21.46 per cent from 8.03 per cent, and bourse data showed the stake had risen further to 28.85 per cent towards the end of June.

Asked why he quit, two years after taking the helm, Ismaik said there was "no particular reason".

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Source: Gulf, The (Bahrain)

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