Arabtec Extends Due Diligence Date

Arabtec-AabarThe due diligence date for $1.7-billion merger of Dubai based Arabtec with Abu Dhabi-based Aabar Investments had been extended to April 16. The proposed stake sale would be discussed at the meeting of the Arabtec's board of directors besides reviewing the financial results of the company.

The United Arab Emirates' largest contractor by market value, added, "Because of the enormity of the task at hand and the limited time frame, both parties agreed to amend the subscription agreement and the term sheet to extend the due diligence date to midnight April 16 2010."

Earlier, in January, Abu Dhabi's Aabar was ready to purchase 70 percent stake in Arabtec and Arabtec's Chief Financial Officer claimed in February that the deal could be materialized in March.

Meanwhile, stocks of Arabtec declined one per cent while shares of Aabar traded flat at 1:15am.