Arabtec tumbles after Aabar stake deal

Arabtec share value plunged after the company agreed to sell a 70 percent stake to Abu Dhabi's Aabar Investments in a deal seen as negative to Arabtec's minority shareholders, weighing on Dubai's index.

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By (Reuters)

Published: Sun 10 Jan 2010, 5:18 PM

Last updated: Mon 6 Apr 2015, 4:48 PM

The construction firm dropped 6.9 per cent, its biggest decline for a month, but Aabar gains 4.6 per cent.

"If there's any value in the deal, it's not in the near-term — we will have to wait about three years to find out," says a Dubai-based analyst who asked not to be identified.

"In the near-term I think Arabtec's stock will have down side pressure for the next week.

(Reuters)

Published: Sun 10 Jan 2010, 5:18 PM

Last updated: Mon 6 Apr 2015, 4:48 PM

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