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FINANCIAL NEWS
Dubai’s Arabtec agrees to buy stake in Depa for USD65.8m
22 Nov 2012
(MENAFN) Dubai-based developer Arabtec Holding has agreed to buy a stake in interiors contractor Depa, Reuters reported.
Arabtec’s board had approved the buyout of 149.6 million shares in Depa for USD65.8 million, based on yesterday’s closing share price on Nasdaq Dubai, and it would take effect on November 22.
The builder, in which Abu Dhabi investment fund Aabar owns a stake, said it was buying the shares from various investment funds.
The announcement came a day after Depa said in a statement that an unknown entity was interested in buying a stake in it.
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