Arabtec cancels plan to sell stake to Aabar

Arabtec cancels plan to sell stake to AabarThe Khaleej Times reported that construction giant Arabtec has put off its plan to sell a controlling stake worth US$1.7 billion to Aabar Investments of Abu Dhabi.

It is reported that UAE's largest construction firm, which apparently had a liability worth $680 million owed by developers, stated that it was calling off the move that would have given the Abu Dhabi's state-run fund a 70 per cent stake.

Either of the parties disclosed the reasons for scrapping the deal initiated in January.

A statement issued to the Abu Dhabi stock market told," The parties have agreed that they will continue to work together in good faith towards future cooperation and forming a strategic partnership in Abu Dhabi in the future."

The dramatic turn of events on Wednesday shoot up the shares of Arabtec up by2.3 per cent at Dh2.71 on the Dubai Financial Market as Aabar shares closed flat at Dh2.34 on the Abu Dhabi Exchange.