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Former Arabtec CEO says has three offers for his stake
June 24, 2014 / 10:58 AM / 3 years ago

Former Arabtec CEO says has three offers for his stake

ABU DHABI, June 24 (Reuters) - The former chief executive of Arabtec Holding has three offers for his 28.85 percent stake but is looking to sell his holding in the Dubai contractor for more than 6 dirhams per share, he told Reuters on Tuesday.

Hasan Ismaik, who resigned as head of the firm last week, has offers from government entities and an international construction firm, he said without naming them.

He would not be drawn on whether Abu Dhabi state-owned fund Aabar Investments - the other main shareholder in Arabtec - was one of the interested parties.

“If the offer is more than 6 or 7 dirhams a share, maybe I will sell,” Ismaik told Reuters by telephone. He added, “If I don’t get the right price, I will keep it. I believe the company will come back.”

Arabtec shares closed down their 10 percent daily limit on Tuesday at 3.12 dirhams. At that price, Ismaik’s stake would be worth 3.96 billion dirhams ($1.08 billion), according to Reuters calculations. ($1 = 3.6730 United Arab Emirates Dirhams) (Reporting by Stanley Carvalho; Writing by David French; Editing by Andrew Torchia)

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