Arabtec denies report of Aabar taking majority stake

Arabtec shares had slumped by 5.8 per cent yesterday on a report in Alrroya newspaper quoting the chairman of both companies, Khadem Al Qubaisi, that Aabar had built a 53 per cent stake in the construction giant. Arabtec shares recovered 2.1 per cent in midday trading to Dh2.84, the biggest mover on the DFM General Index. In a statement, Arabtec said that Aabar, an investment company owned by the Government of Abu Dhabi, was now its largest single shareholder, according to the register of shareholders on May 10. "The newspaper article posted in Alrroya Aleqtissadiya 'Aabar acquires 53 per cent of Arabtec' on 12/05/2012 includes incorrect information," Arabtec said "Aabar's companies investments in Arabtec Holding PJSC through its investments funds totals is 20.76 per cent according to the share register settlement 10/05/2012," it added. Mr Al Qubaisi, the chairman of Aabar, was appointed as chairman of Arabtec last week. The Alrroya article cited Mr Al Qubaisi as saying that Aabar had acquired a 53 per cent stake in the company, with 30 per cent of the company's shares acquired from existing shareholders and a remaining 23 per cent stake purchased directly. Aabar representatives were not available to comment. The Dubai Financial Market warned investors against relying on the media for company disclosures. "The Dubai Financial Market (DFM) urges all investors and participants to solely look for information related to the listed companies through its official sources, particularly company disclosures and DFM website," the exchange said in a statement.