Dubai: UAE law firm Baker & McKenzie Habib Al Mulla said on Sunday it advised Hassan Esmaik, the former CEO of Arabtec, the UAE’s biggest construction company, on the sale of a significant stake to Abu Dhabi state fund, Aabar Investments.
Esmaik sold about 700 million Arabtec shares at Dh5 per share, raising Aabar’s stake to 34.9 per cent.
“This important mandate is a further endorsement of the strength and value of Baker & McKenzie’s merger with Habib Al Mulla in 2013,” said Borys Dackiw, UAE Managing Partner of Baker & McKenzie Habib Al Mulla.
Esmaik, who resigned abruptly in June due to differences with Aabar, earlier said that he was in talks with Aabar Investments to sell part of his stake.
Arabtec shares, which climbed 11.5 per cent last week, fell nearly 5 per cent in trade on Sunday.
