Dubai – Mubasher: The Dubai Financial Market (DFM) announced that the Securities and Commodities Authority (SCA) has approved the request made by Aabar Petroleum Investments to buy 100 million shares, representing 2.28%, in Arabtec Holding.

Once implemented, Aabar’s stake will rise to 37.27% in the construction firm.

Procedures of implementation of item no. (6) of the disclosure regulation on acquiring 30% and above of a listed company stipulate that the purchase process must occur within six months from the date of SCA’s approval, and no later than July 25, 2015, the statement by DFM revealed, adding that the Company cannot initiate the approved purchases before two weeks from the date of disclosing SCA’s approval on the DFM website.

In November 2014, the DFM announced a deal outside the market, through which Aabar Investments acquired 707.004 million shares in Arabtec. Following the deal, former Arabtec CEO Hasan Ismaik saw his stake fall from 28.5% to 11.81%.

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