Arabtec CEO boosts personal stake above 8pc
Dubai, September 5, 2013
Hasan Abdullah Ismaik, the chief executive of Dubai-based construction company Arabtec, has increased his personal stake in the company to more than 8 per cent, records on the Dubai bourse website show.
Arabtec has been on an aggressive expansion drive since Ismaik took charge in February after a management shake-up ousted founder Riad Kamal.
It recently announced a plan to launch a joint venture with South Korea's Samsung Engineering to focus on large energy and power-related projects in the region.
The company was also reported to be in talks to merge with construction contractors in Saudi Arabia and Kuwait, though Arabtec denied the claims.
Ismaik's stake in Arabtec is worth about $159 million based on Wednesday's closing share price, according to Reuters calculations.
His previous shareholding in the company has not been disclosed. Market regulations state that investors holding 5 per cent or more must disclose their stake to the bourse.
The company's largest shareholder is still Abu Dhabi state fund Aabar Investments, which own 21.57 per cent. - Reuters
More Construction & Real Estate Stories
- Asian skyscraper prices tower over rest of the world
- Tamleek opens new office in Dubai
- $29m allocated for Bahrain drainage projects
- Indian group plans $300m Bahrain Bay investment
- Drake and Scull awards key supply contract
- FCC wins $702m Doha metro line contract
- SPF Realty sees Dubai project success
- Abu Dhabi set for big property show
- Aldar working on $1.5bn UAE housing projects
- Gulf Finance House to start $3bn Tunisia project
- Abu Dhabi to see 10pc surge in new homes
- Saudi construction sector booming on new contracts
- Emaar offers 330 apartments in MBR City
- Dubai Design District sees big demand
- HUGE DEAL: Arabtec inks $40bn Egypt housing project
- Galfar ex-CEO gets 15 years' jail over bribes
- $32m BFH car park work underway
- Bahrain awards $5.8m project tenders
- Spinneys to set up distribution centre at Kizad
- Dubai unveils $300m hitech 'green' city project
- Deyaar plans $245m Dubai complex
- IFA unveils $272m Dubai mixed-use project
- CBRE tops Fortune’s most admired firms list
- Kuwait's real estate sales hit $1.1bn in Jan
- Dubai RTA awards $27m roads contract
- Work to start on Bahrain beach project
- Damac launches luxury apartments at Expo site
- Kuwaitis top GCC property buyers in Oman
- Rubber World to showcase at Big 5 Saudi
- Tool to help create effective property listings