Investment fund Aabar is not seeking to increase its current 22% stake in Arabtec. The Dubai fund manager's stand was communicated by its new CEO. Its former CEO and founder Riad Kamal was replaced after a major shake-up was instigated in the sovereign investment fund firm.
According to new CEO Hasan Abdulla Ismaik, "Aabar's stake is supportive to Arabtec but they have not applied for an increase of their stake." The remarks were made when the new CEO was interviewed by Abu Dhabi TV and was quoted in WAM, the state news agency. He also revealed plans to raise US$1.8 billion through a rights issue and issuance of convertible bonds in order to finance growth.
Other plans include preserving the company's liquidity and its decline of new debt financing to keep debt levels. It also announced plans to branch into the infrastructure sector, such as oil and gas interests in order to land new projects in the Gulf region.
Join the Conversation