Dubai: Share prices of contractor Arabtec Holding inched 0.5 per cent lower on Monday after jumping by nearly 9 per cent a day earlier on reports about progress in its merger talks.
Prices ended at Dh1.95, and were among the most actively traded on the Dubai bourse. This came after Arabtec’s share prices on Sunday saw their highest closing price since early May as a Reuters report said the company has appointed advisers for its potential merger with Abu Dhabi-based Trojan Holding.
Arabtec in early September announced that it was in discussions with Trojan about a merger, but said that reviews on financial, legal, and technical matters were yet to begin.
Elsewhere on the Dubai bourse, the main index gained 0.52 per cent to close at 2,839.21. Emirates NBD accounted for most of the trade value, but share prices of the bank ended flat. Deyaar saw its share prices climb 14.73 per cent, while UPP gained 12.26 per cent.