Arabtec shares up 14% as ex-CEO said to boost stake
Shares in Dubai-listed builder rally on news Hasan Ismaik is buying
Arabtec shares rose by more than 14% on Monday amid unconfirmed reports that the former CEO is boosting his stake in the company.
Shares in the Dubai Financial Market-listed builder rose to AED1.44, in what marked the biggest rise in more than a year.
Arabtec’s former CEO Hasan Ismaik is reportedly adding to his stake in the company, a person familiar with the matter told Bloomberg, following an earlier report by CNBC Arabia.
Arabtec shares worth more than AED 569 million were traded on Monday, prompting the biggest jump in the stock since December 2014.
“It’s been a long time since I’ve seen shares jump this much,” Nabil Farhat, an Abu Dhabi-based partner at Al Fajr Securities, told Bloomberg.
“Speculators are chasing liquid stocks and Ismaik’s increasing his stake is driving more investors to buy. It’s unclear how much he can increase his stake to.”
Ismaik holds an estimated 12% of Arabtec, according to data compiled by Bloomberg.
