By Mahmoud Gamal
Dubai – Mubasher: The Abu Dhabi-based Tasameem Real Estate LLC has replaced the second-biggest stakeholder of Arabtec Holding, Hasan Ismaik, who owns a 12% stake in the latter company, according to data issued by the Dubai Financial Market (DFM).
Market analyst Mansour Al-Shamsi said, "this is an ordinary corporate action and the only slight difference is that Ismaik was suddenly found out of the major shareholders' list after Tasameem has bought a 8.3% stake in Arabtec."
The former CEO still owns a minor share in the company at 3.7%, the analyst noted, adding that the DFM only lists major shareholders whose stake crosses 5%.
Al-Shamsi expected this replacement will not prompt traders to show interest in Arabtec's stock, which is now moving in a narrow channel between AED 1.38-59 with support at AED 1.48 per share.
In case of falling below the above support level, the stock will likely decline to the negative zone at AED 1.38 a share, the analyst clarified, advising traders to start building on the stock when its steadies above AED 1.59 per share.
