Thursday, Apr 12, 2012
DUBAI (Zawya Dow Jones)--Arabtec Holding (ARTC.DFM) has nominated several senior Aabar Investments' executives for membership to its board of directors, further underlining the Abu Dhabi-based company's growing clout in the construction firm.
Aabar earlier this month raised its stake in Arabtec to more than 10%, making it the single largest shareholder in the Dubai-based company. It had scrapped a deal in 2010 to take a majority stake in Arabtec.
Arabtec's nomination and remuneration committee will recommend Khadem Abdullah Al Qubaisi, Aabar's chairman, and Mohammed Badawy Al Husseiny, the Abu Dhabi government-owned firm's chief executive, to shareholders as nominees for election at the annual general meeting, the Dubai-based company said in a statement posted on the Dubai bourse website.
The nomination list includes three other Aabar executives. Arabtec's AGM is scheduled to be held on April 28.
Aabar Real Estate holds a 5.13% stake in Arabtec, while Aabar Petroleum Investments Co. owns a 5.32% stake, according to a filing on the Dubai bourse.
Arabtec shares last traded up 1.2% at AED3.46 Thursday. The stock has more than doubled this year, also boosted by news of Aabar's growing interest in the company.
-By Nikhil Lohade, Dow Jones Newswires; +9714 446-1694; nikhil.lohade@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
12-04-12 0642GMT
