Tasameem Replaces Ex-Arabtec CEO as Second-Biggest Shareholder

EghtesadOnline: Abu Dhabi-based Tasameem Real Estate LLC has replaced former Chief Executive Officer Hasan Ismaik as the second-biggest stakeholder of Arabtec Holding Co.

News ID: ۷۶۹۷۶۲

26 September 2016

The company owned by Sheikh Mansour bin Zayed Al Nahyan now owns 8.29 percent of Arabtec, according to the latest data on the Dubai Financial Market’s website. Ismaik, who retained almost 12 percent last week, is no longer on the list of the company’s biggest shareholders. The volume of Arabtec stock traded soared to 378 million shares on Sunday, almost seven times the six-month average, mostly due to two trades totaling more than 300 million shares.

Ismaik, a Jordanian national, was at the heart of a stock selloff in Dubai in 2014 after his sudden exit from Arabtec along with other top managers shocked investors. He owned about a third of the United Arab Emirates’ largest construction company at the time and sold part of his stake for $962 million to Abu Dhabi’s state-controlled Aabar Investments PJSCm, according to Bloomberg.

The DFM lists shareholders that hold 5 percent or more of a company.