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  • 27-11-14

    Arabtec to sell USD540m stake

    (MENAFN) Arabtec, the Dubai-listed construction firm, said that its former chief executive plans to sell his remaining stake in the company, which represent 11.8 percent of the company at an estimated worth of USD540 million, Arabian Business reported.

    Abu Dhabi's Aabar Investments, which already bought 16 percent of the former CEO's stake to earlier this month, is an expected candidate to buy the remaining stake though its spokesman declined to comment about the matter when asked.

    After its purchase of the stake, Aabar became Arabtec's largest shareholder, with the company currently owning 34.93 percent of the company.

    Aabar, which is owned by Abu Dhabi state investment fund International Petroleum Investment Co., has been using its influence to secure the contractor a number of major projects, including USD40 billion contract to build 1 million homes with the Egyptian government.

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