The former Arabtec chief executive Hasan Ismaik has sold a small part of his shareholding in the construction company, according to data from Bloomberg. This is the first time he has sold shares since his departure in June.
Mr Ismaik sold 3.5 million shares on Wednesday, reducing his holding to 28.77 per cent of the company.
The shares have a value of about US$4 million at current market prices.
He retains 1.265 billion shares in Arabtec, and remains the company's largest shareholder.
Arabtec’s shares closed down at Dh4 each yesterday, having lost 3.85 per cent.
Arabtec declined to comment.
Speculation over the future of Mr Ismaik’s stake has weighed heavily on the company’s shares and the Dubai Financial Market, which was dragged into bear territory following a precipitous decline in Arabtec’s share price last month.
Last week, Aabar Investments was reported to be in talks to buy at least half of the 28.8 per cent shareholding owned by Mr Ismaik.
In response Aabar released a statement, in which it disclosed only that it was in discussions about the future of its holding in the company.
“As a partner committed to and supporting Arabtec, Aabar asserts that it is currently studying a number of strategic options regarding its investments in Arabtec,” Aabar said in a disclosure published on the DFM website on Sunday.
“Any talks it may have with any party regarding these investments are highly confidential until a decision is made.”
Aabar is owned by International Petroleum Investments Corporation, which manages US$65.3 billion in assets, according to the Sovereign Wealth Fund Institute.
Arabtec had a market capitalisation of around US$4.8bn, as of the close of trading yesterday. That puts the value of Mr Ismaik’s stake at around $1.38bn. If reports that Mr Ismaik is set to receive up to Dh6 per share for half of his holding are accurate, this would mean Aabar is set to pay Mr Ismaik $1.035bn. This will increase Aabar’s stake to 33.6 per cent from 18.9 per cent, leaving the former chief executive with 14.4 per cent.
Arabtec’s second quarter financial results are due to be published on Sunday.
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The biog
Name: Marie Byrne
Nationality: Irish
Favourite film: The Shawshank Redemption
Book: Seagull by Jonathan Livingston
Life lesson: A person is not old until regret takes the place of their dreams
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Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
TO A LAND UNKNOWN
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Killing of Qassem Suleimani
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More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
NO OTHER LAND
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Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
A little about CVRL
Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.
One of its main goals is to provide permanent treatment solutions for veterinary related diseases.
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The National's picks
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Heather, the Totality
Matthew Weiner,
Canongate
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
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- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
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Winner: Roy Orbison, Fernando Jara, Ali Rashid Al Raihe
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Handicap Dh 175,000 1,600m
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What is tokenisation?
Tokenisation refers to the issuance of a blockchain token, which represents a virtually tradable real, tangible asset. A tokenised asset is easily transferable, offers good liquidity, returns and is easily traded on the secondary markets.
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Favourite place to visit: London
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