Arabtec to float 40 pct of construction business on Abu Dhabi bourse - CEO

DUBAI, April 30 Wed Apr 30, 2014 7:08am EDT

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DUBAI, April 30 (Reuters) - Dubai builder Arabtec's Chief Executive Hasan Ismaik said on Wednesday that the company will spin off and float 40 percent of its construction business in an initial public offering on the Abu Dhabi bourse slated for 2015.

"We will get approvals for listing the subsidiary in Abu Dhabi. Our plan is to float 40 percent of the subsidiary on the market," he said at a press conference after the company's annual shareholders meeting on Wednesday. (Reporting by Stanley Carvalho; Writing by Praveen Menon; Editing by David French)

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