Aabar cuts stake in Arabtec
Dubai, June 11, 2014
Abu Dhabi state fund Aabar Investments has cut its stake in Dubai builder Arabtec Holding to 18.85 percent as of Wednesday from 21.57 percent on June 8, the Dubai Financial Market said in a statement.
Shares in Arabtec have tumbled 30 percent this week after more than tripling in price earlier this year. The stock has dominated trading volume on Dubai's bourse in recent sessions, contributing to the main benchmark's four-day decline.
In earlier statement on Wednesday, Arabtec said its share price moves had nothing to do with its financial position and that its ambitions expansion plans remained in place. - Reuters