DUBAI: Dubai construction company Arabtec’s former boss has sold about $4m worth of shares in the group this week, cutting his stake slightly, stock exchange data showed.
Arabtec’s shares have swung around wildly this year on apparent tensions between chief executive Hasan Ismaik and Abu Dhabi state fund Aabar Investments, also a major Arabtec shareholder. Ismaik resigned abruptly in June.
Ismaik cut his stake to 28.77 percent from 28.85 percent, the website of the Dubai Financial Market showed. The new data was published on Thursday, implying the shares were sold on Wednesday.
The data showed 3.52 million shares were sold, worth Dh14.6m ($4m) at Wednesday’s closing stock price.
Reuters
