Arabtec 'will continue' expansion strategy
Dubai, February 27, 2014
Arabtec Holding, a leading engineering and construction group of companies, reaffirmed today that it will continue to explore prevailing opportunities for mergers and acquisition in the markets of the UAE and the Middle East and North Africa region, with the aim of growing into one of the leading holding groups in the region.
Reacting to the decision by the Securities and Commodities Authority to suspend trading in the company’s shares listed at the Dubai Financial Market on February 26, Arabtec said it respects the decision.
Arabtec acknowledges this as a standard precautionary step within the authority’s powers to protect the rights of the shareholders in accordance with the laws and regulations prevailing in the UAE, a statement said.
However, Arabtec Holding has denied the recent market and media speculations regarding acquisition of National Kharafi in Kuwait, in an official statement to the Securities and Commodities Authority and the Dubai Financial Market.
Hasan Abdullah Ismaik, managing director and CEO of Arabtec Holding, said: “We respect the authority’s decision, which is line with the developed regulatory framework that governs financial markets in the UAE. This positive experience will strengthen our already solid relationship with the authority and will confirm our commitment to comply with all laws and regulations regarding disclosure and transparency in a way that would achieve the interests of the company and its shareholders”.
Ismaik added: “The growing media interest in Arabtec is a natural result of the achievements that we have made in a short period of time and reflects the leadership position the company holds in the economy of the United Arab Emirates and the region as a whole.
“We will persist in our pursuit of strengthening the company and consolidating its position through natural growth, which is witnessing unprecedented progress as evident by the growth of our backlog to exceptional levels for the company and the sector as a whole. We will also continue to explore prevailing opportunities for mergers and acquisition in the markets of the UAE and the Middle East and North Africa region”.
Ismaik concluded: “Arabtec already enjoys a leadership position in its sector in the region, and we will maintain our pursuit of growing the company into one of the leading holding groups in the region, and the company of choice for shareholders and investors. I would like to assure our shareholders that we have become stronger than ever and we will continue to grow and expand as promised”. – TradeArabia News Service