Abu Dhabi: Aabar Investments purchased 24.8 million shares on Tuesday in Dubai-listed Arabtec Holding, accounting for 0.565 per cent of Arabtec’s capital, the real estate developer said in a statement on Tuesday.
The purchase, which was done at rate of Dh3.23 per share, brings Aabar’s stake to 36.1 per cent, and its total shares in Arabtec to 1.59 billion shares.
Having received approval from the market regulator, Securities and Commodities Authority (SCA’s) in late January, Aabar can still purchase 50.5 million more shares in Arabtec.
Aabar can purchase shares until July 2015.
On Tuesday, Arabtec share prices went up 1.25 per cent to reach Dh3.25, with the company accounting for the lion’s share of nearly 43 per cent of total market trade value.
Aabar had earlier purchased a stake in Arabtec from former chief executive officer, Hasan Ismaik, who resigned in June. The purchase helped raised Aabar’s stake to 34.9 per cent from 18.9 per cent, and was at a rate of Dh5 per share.
Arabtec is yet to release its financial results for the fourth quarter of 2014, but Q3 results show a 32.6 per cent drop in net profits to reach Dh68 million. The fall is due to non-recurring general expenses.
