Arabtec has denied it is undertaking acquisitions after reports that the company was on the lookout for takeover targets.
The UAE's biggest publicly traded construction company said in a statement issued to the Dubai Financial Market that it is "constantly evaluating available acquisition opportunities with the highest return for Arabtec, which will serve the company's best interests and that of its shareholders".
It added: “As for the aforesaid news, we would like to deny the same and to confirm that, at the present time, Arabtec is not undertaking any acquisitions.”
On Sunday, Bloomberg News reported Arabtec was seeking advice from the consultant PricewaterhouseCoopers to identify acquisition targets. PwC did not comment on the report.
Shares in Arabtec fell 3.75 per cent to Dh2.82 following the report on Sunday, and closed down 4.78 per cent yesterday amid widespread falls on the DFM.
The firm had a volatile year in 2014, with the chief executive Hasan Ismaik departing in June followed by several high-level staff.
Plans to diversify into the oil and gas sector were shelved and the company’s transparency was brought into question amid rumours about the sale of Mr Ismaik’s stake before Aabar became the largest shareholder again in November.
“We reaffirm our commitment to the principles of disclosure and transparency as required by applicable laws and regulations, and we will be informing you about any developments requiring disclosure as soon as they arise,” Arabtec said yesterday.
ioxborrow@thenational.ae
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