Mon, May 14, 2012
Business > Economy

Arabtec denies reports on majority takeover by Abu Dhabi fund

2012-05-14 14:32:38 GMT2012-05-14 22:32:38(Beijing Time)  Xinhua English

DUBAI, May 14 (Xinhua) -- The United Arab Emirates' largest construction company by market value Arabtec Construction on Monday denied media reports that its shareholder Aabar, sovereign wealth fund from Abu Dhabi, has increased its stake in the firm to 53 percent.

"Aabar Investment's stake in our firm stands at 20.76 percent and not at 53 percent as reported," Arabtec Construction said in a statement to the Dubai Financial Market (DFM).

With the statement, Arabtec denied a report published Saturday in the Arabic daily Alrroya Aleqtissadiya, saying that the reported included incorrect information.

After denying the media report, Arabtec closed trading on Monday as the most liquid share 4.68 percent higher at 2.91 dirhams (0.79 U.S. dollars), recovering partly a 5.76-percent day- loss from the day before.

Aabar is owned by investment company IPIC, which belongs to the Abu Dhabi government. Two years ago, Aabar cancelled a planned takeover of Arabtec worth 1.7 billion U.S. dollars.

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