DUBAI, United Arab Emirates – The Dubai Financial Market says it has suspended trading shares of Arabtec, Dubai's largest construction company, pending clarification of media reports about strategic partners' stakes in the firm.
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The decision was announced on the market's website Thursday following instructions from the United Arab Emirates' Securities and Commodities Authority.
UAE newspaper The National reported that shares in Arabtec soared earlier this week when it emerged that the firm's second largest shareholder Aabar Investments may be in talks with Arabtec's former CEO Hasan Ismaik to buy at least half of his stake in the contracting giant.
The chairman of Arabtec Holdings, Khadem al-Qubaisi, said earlier this month that Ismaik holds a nearly 29 percent stake in Arabtec, making him the firm's largest shareholder.