{"id":6372,"date":"2016-02-29T19:20:39","date_gmt":"2016-02-29T12:20:39","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-shares-soar-after-former-chief-hasan-ismaik-raises-stake-in-dubai-builder\/"},"modified":"2016-02-29T22:35:43","modified_gmt":"2016-02-29T15:35:43","slug":"arabtec-shares-soar-after-former-chief-hasan-ismaik-raises-stake-in-dubai-builder","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-shares-soar-after-former-chief-hasan-ismaik-raises-stake-in-dubai-builder\/","title":{"rendered":"Arabtec shares soar after former chief Hasan Ismaik raises stake in Dubai builder"},"content":{"rendered":"


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\nArabtec Holding’s former chief executive Hasan Ismaik has increased his shareholding in the builder, sending its shares soaring to their highest level since November.Mr Ismaik’s shareholding in the company increased to 11.91 per cent from 11.81 per cent, according to the Dubai Financial Market website. The stock rose by more than 14 per cent. About 414 million Arabtec shares changed hands yesterday, the highest-ever one-day volume recorded by the stock.
\n“Everyone’s been trying to get in on the rally,” said Khaldoun Jaradat, a trading manager at Brokerage House Securities, in Dubai. “There were rumours that [Mr Ismaik] was the one doing the buying, so we’ve seen block trades of five to 10 million shares from other investors as a response, which has a spillover effect on to other names like Amlak.” Mr Ismaik was appointed as Arabtec’s chief executive in February 2013. Under his watch, the company signed an ambitious US$40 billion contract in March 2014 to build one million affordable homes in Egypt, setting itself the target of becoming one of the world’s top 10 contractors by the end of 2018.
\nHe steadily accumulated shares in the company during his time as chief executive – his personal shareholding rising to about 29 per cent by June 2014.His abrupt departure from the company the following month sent the company’s shares into meltdown, losing 60 per cent by the end of 2014 from their peak in May of that year. By that time, Mr Ismaik had reduced his stake to 11.81 per cent.The company’s shares subsequently more than halved in value, amid doubts surrounding the scale of the Egyptian housing project, a slowdown in construction across the UAE and a general sell-off of equities last year attributable to falling oil prices.
\nMr Ismaik and Arabtec could not be reached for comment yesterday.The Dubai Financial Market General Index ended the day up 1.99 per cent at 3,239.70, its first close above the 3,200 mark since November.The index recorded a gain of 8.07 per cent for last month, its best-performing month since April. jeverington@thenational.aeFollow The National’s Business section on Twitter
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\nSource : thenational.ae
\nRead more…Arabtec shares soar after former chief Hasan Ismaik raises stake in Dubai builder<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Arabtec Holding’s former chief executive Hasan Ismaik has increased his shareholding in the builder,...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-6372","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-1EM","jetpack-related-posts":[{"id":6444,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-shares-continue-dizzying-rise-in-dubai-after-hasan-ismaik-increases-stake\/","url_meta":{"origin":6372,"position":0},"title":"Arabtec shares continue dizzying rise in Dubai after Hasan Ismaik increases stake","date":"March 1, 2016","format":false,"excerpt":"\r \r Arabtec shares continued their dizzying rise on Tuesday morning, after former chief executive Hassan Ismaik increased his stake in the company to 11.91 per cent on Monday.The Dubai construction firm's shares rose by nearly 12 per cent at the open before paring gains slightly, trading up 7.64 per\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6350,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubais-arabtec-soars-14-amid-speculation-ex-chief-hasan-ismaik-is-adding-to-stake\/","url_meta":{"origin":6372,"position":1},"title":"Dubai's Arabtec soars 14% amid speculation ex chief Hasan Ismaik is adding to stake","date":"February 29, 2016","format":false,"excerpt":"\r \r Arabtec jumped to the highest in almost four months as traders speculated former chief executive Hasan Ismaik is adding to his stake.The builder soared 14 per cent to Dh1.44 12.15pm in Dubai, the biggest jump since June. More than 368 million shares changed hands, about 14-times the six-month\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7068,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-says-ex-ceo-hasan-ismaik-is-not-joining-the-board-of-dubai-contractor\/","url_meta":{"origin":6372,"position":2},"title":"Arabtec says ex CEO Hasan Ismaik is not joining the board of Dubai contractor","date":"March 7, 2016","format":false,"excerpt":"\r \r Rumours that a former chief executive of Arabtec Holding, Hasan Ismaik, will be appointed to its board are false, the Dubai-listed construction firm said on Monday.\"The rumours over the appointment of Mr Hasan Ismaik as chairman or member of the board of directors of Arabtec are false and\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6364,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubais-arabtec-soars-as-ex-chief-hasan-ismaik-adds-to-stake\/","url_meta":{"origin":6372,"position":3},"title":"Dubai's Arabtec soars as ex chief Hasan Ismaik adds to stake","date":"February 29, 2016","format":false,"excerpt":"\r \r Arabtec's former chief executive Hasan Ismaik has added to his stake, helping to boost shares of the construction company the most in more than a year.The former CEO's holdings rose to 11.91 per cent on Monday from 11.81 per cent, according to data on the website of Dubai\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6704,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-shares-record-best-week-in-more-than-seven-years\/","url_meta":{"origin":6372,"position":4},"title":"Arabtec shares record best week in more than seven years","date":"March 3, 2016","format":false,"excerpt":"\r \r Arabtec shares rebounded on Thursday, capping the stock's best week in more than seven years.The construction firm's shares, which plummeted 20 per cent on Wednesday afternoon following a \"sell\" note from EFG Hermes, rose by as much as 11 per cent, before settling 8 per cent higher at\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6552,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-shares-plunge-20-per-cent-as-rally-comes-to-dramatic-end\/","url_meta":{"origin":6372,"position":5},"title":"Arabtec shares plunge 20 per cent as rally comes to dramatic end","date":"March 2, 2016","format":false,"excerpt":"\r \r Arabtec plummeted 20 per cent in the final 90 minutes of trading, bringing the stock's dramatic three-day rally to an abrupt end.EFG Hermes downgraded Arabtec to 'sell' from 'hold', arguing that the construction firm's fundamentals did not justify recent rises in their share prices.The bank argued that the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/6372"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=6372"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/6372\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=6372"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=6372"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=6372"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}