Arabtec denies speculation former CEO is re-joining board

Dubai: Arabtec, whose shares have been witnessing massive volatility amid speculation, said on Monday they are not anticipating any change in the board of directors at this stage.

Arabtec also denied any rumours that its former chief executive Hasan Ismaik is re-joining them in the board or as the chairman, it said in a statement signed by acting CEO Saeed Al Mehairbi on the Abu Dhabi Securities Exchange, a week after they said the former executive had increased his stake marginally in the company.

Arabtec shares, which has gained 45 per cent since last week, was down more than 3 per cent.