Abu Dhabi: The former chief executive of Arabtec Holding has three offers for his 28.85 per cent stake but is looking to sell his holding in the Dubai contractor for more than Dh6 per share, he told Reuters on Tuesday.
Hasan Ismaik, who resigned as head of the firm last week, has offers from government entities and an international construction firm, he said without naming them. He would not be drawn on whether Abu Dhabi state-owned fund Aabar Investments — the other main shareholder in Arabtec — was one of the interested parties. “If the offer is more than 6 or 7 dirhams a share, maybe I will sell,” Ismaik told Reuters by telephone. He added, “If I don’t get the right price, I will keep it. I believe the company will come back.” Arabtec shares closed down their 10 per cent daily limit on Tuesday at Dh3.12. At that price, Ismaik’s stake would be worth Dh3.96 billion dirhams ($1.08 billion), according to Reuters calculations.
