High trading volumes for Arabtec stock as new shareholder is revealed

Tasameem Real Estate, based in Abu Dhabi, has become the second largest shareholder in Arabtec Holding, according to data on Dubai’s stock exchange, replacing the company’s former chief executive Hassan Ismaik.

Tasameem, an investment company owned by the UAE’s Deputy Prime Minister Sheikh Mansour bin Zayed, was listed on Sunday as owning an 8.29 per cent stake in the Dubai construction firm. Abu Dhabi’s Aabar Investments is the only other shareholder listed by the exchange, its holding unchanged at 36.11 per cent.

Hassan Ismaik, who last week was listed as owning 11.91 per cent of Arabtec, was not listed as a shareholder on Sunday, leading to speculation that he has sold part of all of his shares in the company.

Arabtec’s shares had their busiest trading day in more than six months on Sunday, with over 350 million shares changing hands in the closing minutes of trading on the Dubai Financial Market. The company’s shares finished up 1.33 per cent at Dh1.52.

The Dubai Financial Market lists shareholders that hold a stake of 5 per cent or more in a company in line with disclosure rules.

Mr Ismaik, Arabtec’s former chief executive, raised his stake in the company to 11.91 per cent from 11.81 per cent in February, fuelling speculation he was about to rejoin the firm’s board, a move that was denied by Arabtec.

Tasameem Real Estate, the owner of the Hakkasan hospitality group, could not be reached for comment. Representatives for Hassan Ismaik declined to comment.

An Arabtec Holding spokesman said that the company abided by the DFM’s rules, and would issue a statement as and when it was required to.

jeverington@thenational.ae

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