Arabtec says ‘no material news’ behind price rally

Company’s statement comes after ex-CEO raises stakes to 11.9%

Published: 18:59 March 1, 2016

Staff Report

Abu Dhabi: Arabtec Holding, said on Tuesday there is “no material news whether operational, technical, or otherwise” that may have impacted its share prices that the company has not disclosed.

Over the past three trade sessions, the Dubai-based construction company’s share prices jumped more than 38 per cent on the Dubai Financial Market (DFM), supported by strong trade values as series of speculations.

There were speculations that Arabtec may be close to winning new project awards, share prices were boosted by news that the company’s former chief executive officer, Hasan Ismaik, has added to his stake.

Data on the DFM website showed that Ismaik’s stakes rose to 11.91 per cent from 11.81 per cent. The news sparked a 14 per cent jump in share prices on Monday and Tuesday each, with prices reaching Dh1.65.

In a statement to the bourse on Tuesday, Arabtec reiterated its commitment to transparency and legislative provisions regarding disclosures, saying that it has disclosed all news that may impact share prices.

The stock also helped DFM post the biggest two-day increase in a month, as trade values surged, reaching Dh1.86 billion on Tuesday.

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