Fund now holds more than 36% of the UAE’s biggest contractor
The Abu Dhabi-based Aabar Investments has boosted its stake in the Dubai-listed builder Arabtec to over 36.1 percent, according to a bourse statement.
According to the statement, Aabar purchased 24,844,777 shares in the firm, after the state-run fund was last month given approval by the market regulator to boost its stake.
The Abu Dhabi firm was given until late July to purchase 100 million shares in Arabtec.
The purchase brings Aabar’s holding to 36.115%, according to an Arabtec statement to the Dubai Financial Market.
Aabar became Arabtec’s biggest shareholder last November, after paying $962 million to increase its stake to about 35 percent.
It bought a 16 percent stake from Hasan Ismaik, a Jordanian businessman who quit as chief executive of Arabtec in June.