Dubai contractor Arabtec Holding said on Tuesday it was unaware of any stake sale agreement between its largest shareholders following reports that the company’s former chief executive Hasan Ismaik was about to sell at least part of his stake.
Arabtec “does not have the information” on such a deal, it said in a bourse statement.
Shares in Arabtec jumped 3.7 per cent to Dh4.77 on Monday following a report that Mr Ismaik had agreed to sell half of his 27.9 per cent stake in the firm to Abu Dhabi state fund Aabar Investments at a price of between Dh5.00 and Dh5.50 per share.
After trading closed, a source close to Mr Ismaik told Reuters that he had agreed in principle to sell at least part of his stake. The source declined to elaborate on the deal’s size or price but said it would be announced soon.
Aabar currently owns 18.94 per cent of Arabtec, making it the second-largest shareholder after Ismaik.
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Nayanthara: Beyond The Fairy Tale
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Director: Amith Krishnan
Rating: 3.5/5
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May 24 Pakistan v Afghanistan, Bristol; Sri Lanka v South Africa, Cardiff
May 25 England v Australia, Southampton; India v New Zealand, The Oval
May 26 South Africa v West Indies, Bristol; Pakistan v Bangladesh, Cardiff
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May 28 West Indies v New Zealand, Bristol; Bangladesh v India, Cardiff
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2004 Beat Andy Roddick
2005 Beat Andy Roddick
2006 Beat Rafael Nadal
2007 Beat Rafael Nadal
2008 Lost to Rafael Nadal
2009 Beat Andy Roddick
2012 Beat Andy Murray
2014 Lost to Novak Djokovic
2015 Lost to Novak Djokovic
2017 Beat Marin Cilic
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Wayne Rooney 53
Bobby Charlton 49
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Alan Shearer 30
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Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
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Price: From Dh330,000 (estimate)
