Regions

Dubai-based contractor Arabtec's newly-appointed chief executive Hasan Abdulla Ismaik said that Aabar is not planning to increase its 22% stake in the company.

Ismaik said in comments to Abu Dhabi TV that Aabar, an Abu Dhabi investment fund, has not applied for a raise in its current stake as it continues to support Arabtec.

Aabar has been in move to exert influence on the contractor since it made its first purchase of shares last year.

The new chief executive was also quoted divulging the aim Arabtec for the preservation of its liquidity by preventing itself from borrowing more and increasing debts.

Arabtec has also disclosed its plan to achieve finance growth by raising $1.8 billion through a rights issue and convertible bond.

Ismaik joined Arabtec when the company replaced founder and chief executive Riad Kamal last week.