Hasan Ismaik the former chief executive of Arabtec has sold part of his stake in the construction company in a deal worth almost US$1bn.
Abu Dhabi government-backed Aabar Investments has now raised its holding in Arabtec to 34.93 per cent, the DFM said after the close of the market today.
It is not clear if Mr Ismaik has ultimately realised a gain or a loss after the Aabar trade.
He had previously bought stakes near the high with large acquisitions in May and June when the price was well above Dh6 per share taking his overall holding to around 28 per cent from around 8 per cent.
It was revealed in August that Mr Ismaik had earned $48 million from the sale of shares in the company between July 24 and August 5. The shares sold equated to 0.9 per cent of the company and 4.3 per cent of his stake.
The stake held by Mr Ismaik and companies related to him has now dropped to 11.8 per cent, while Aabar acquired more than 700 million shares in the deal, the bourse said.
The deal between the two largest two shareholders follows Mr Ismaik’s resignation in June.
Arabtec’s shares closed 1.2 per cent higher today at Dh4.26. That is 42 per cent lower than its record Dh7.4 reached in May.
The Dubai index closed 0.2 per cent higher in a choppy day’s trading. Abu Dhabi stocks were 0.5 per cent higher.
Shares in Aldar Properties rose 0.9 per cent in trading in Abu Dhabi after the company revealed that it had let almost 3,000 homes at three of its new developments.
The Abu Dhabi developer, which is due to announce its third quarter results on Wednesday, said that had let all of homes it has retained at its Al Rayanna, Gate Towers and The Arc projects.
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