Dubai's Arabtec Says Aabar Units Hold 20.76% Stake In Co

Monday, May 14, 2012

DUBAI (Zawya Dow Jones)--Aabar Investments holds a 20.76% stake in Arabtec Holding, further consolidating its influence over the Dubai-based company.

Arabtec, in a statement posted on the Dubai bourse website Monday, said Aabar and its units totally held a 20.76% stake in the company as on May 10, denying recent media reports that the Abu Dhabi-based firm owned a 53% stake in the construction firm.

Arabtec earlier this month named Aabar Chairman Kadem Abdulla Kadem Butti Al Qubaisi as its new chairman, triggering market speculation that the Abu Dhabi company held a much bigger stake in Arabtec than previously disclosed.

Aabar Real Estate holds a 5.18% stake in Arabtec, while Aabar Petroleum Investments Co. owns a 5.32% stake, according to previous Dubai bourse filings. The Dubai bourse only discloses names of shareholders with more than a 5% stake.

Aabar had scrapped a deal in 2010 to take a majority stake in Arabtec.

Arabtec shares closed -5.8% at AED2.78 Sunday.

-By Nikhil Lohade, Dow Jones Newswires; +9714 446-1694; nikhil.lohade@dowjones.com

(END) Dow Jones Newswires

14-05-12 0451GMT