Dubai: Air Arabia’s share prices dropped on Thursday after the carrier said it has $336 million (Dh1.23 billion) invested in funds under Abraaj, the private equity group that filed for liquidation.
Share prices ended the day 3.85 per cent lower at Dh1, after falling as much as 6.7 per cent during the day to a low of Dh0.97. The performance on Thursday brings their decline in the past few trade sessions alone to 12 per cent amid concerns on their exposure to embattled Abraaj.
Air Arabia’s shares were the second most actively traded on the Dubai bourse, accounting for 19 per cent of the Dh452 million in total trade.
The low-cost carrier said on Wednesday that its $336 million exposure to Abraaj — worth nearly 10 per cent of Air Arabia’s total assets — will not have a significant impact on its daily or future business or on its liquidity status.