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Arabtec accepts SEC’s decision to suspend trading on Wednesday

Dubai: UAE’s largest building contractor Arabtec Holding said in a statement to the Dubai bourse on Thursday morning that it respects the decision of the regulatory authority to suspend trading in the company’s shares listed on the exchange on Wednesday.

Shares of the company closed lower on Thursday, declining 1.83 per cent to Dh4.82.

The company said that it acknowledges it as “a normally precautionary step” within the regulator’s power to protect the rights of shareholders.

“We respect the authority’s decision, which is line with the developed regulatory framework that governs financial markets in the UAE,” said Hasan Abdullah Ismaik, managing director and chief executive of Arabtec Holding. “This positive experience will strengthen our already solid relationship with the authority and will confirm our commitment to comply with all laws and regulations regarding disclosure and transparency in a way that would achieve the interests of the company and its shareholders”.

Earlier this week, Arabtec Holding had announced in a statement to the Securities and Commodities Authority denying media speculation that it was in talks to acquire National Kharafi in Kuwait.

“The growing media interest in Arabtec is a natural result of the achievements that we have made in a short period of time and reflects the leadership position the company holds in the economy of the United Arab Emirates and the region as a whole,” said Ismaik in the statement.

“We will persist in our pursuit of strengthening the company and consolidating its position through natural growth, which is witnessing unprecedented progress as evident by the growth of our backlog to unprecedented levels for the company and the sector as a whole. We will also continue to explore prevailing opportunities for mergers and acquisition in the markets of the UAE and the Middle East and North Africa region”.