Arabtec buys 149.6m Depa shares
Builder buys shares valued at $65mn from various investment funds
Arabtec has bought 149.6 million shares in Depa.
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Arabtec, the Dubai based construction contractor, announced on Thursday that it had acquired a stake in Depa, a day after the interior contractor’s shares jumped 47% on a rumoured buy.
According to a report by Reuters, the builder said that its board had approved the purchase of 149.6 million shares in Depa, valued at $65.8mn (based on Wednesday’s closing share price on Nasdaq Dubai). The purchase would take effect on November 22.
Shares in Depa hit a five month high at $0.44. About a 150 million shares changed hands, more than what the company’s shares traded in the previous two years combined.
Arabtec said that it was buying the shares from various investment funds and would not disclose the price it paid for the shares.
The contractor was recently appointed, in a consortium with Turkish and Greek firms, to a $2.9bn contract to build a mid-field airport terminal in Abu Dhabi.
In the same month, Depa and its German joint venture partner saw a $245mn contract to fit out the new Doha International Airport terminated.
