DUBAI, Nov 21 (Reuters) - Dubai-based interiors contractor Depa said on Tuesday that an unknown UAE-based entity plans to buy a significant stake in the firm, leading to a sharp rally in its shares.
Depa, listed on the Nasdaq Dubai bourse, said it had no details on the potential buyer but said the entity could be based in Dubai or Abu Dhabi and plans to acquire a sizeable stake in its ordinary shares from the market.
“At this stage the name of the purchaser, the size of their current stake and their intentions are unknown,” the company said in a bourse statement.
Shares of Depa jumped 47 percent to $0.44, reaching a five-month high. About 150 million shares were traded, which is more than what the company’s shares traded in the previous two years combined. (Reporting by Praveen Menon and Matt Smith; Editing by Dinesh Nair)