DUBAI Feb 26 Dubai builder Arabtec on
Wednesday denied that it planned to acquire Kuwaiti construction
firm Kharafi National.
Sources familiar with the discussions told Reuters on Monday
that Arabtec had been in talks with Kharafi National, part of
the Kharafi Group, to fully acquire the company. On Monday, both
Arabtec and Kharafi declined to comment.
On Wednesday, Arabtec said: "The company denies that it will
acquire Kharafi National."
Earlier on Wednesday, Arabtec issued another statement
saying its board had not taken any decision on the acquisition
of another company. It did not mention Kharafi National.
Its shares were subsequently suspended from trading at the
request of the regulator.
(Reporting by Praveen Menon; Editing by Andrew Torchia)