Dubai's Arabtec denies Depa stake hike plans
Dubai building firm Arabtec Holding said on Monday that it had no intentions to buy additional shares in interior contracting firm Depa, according to Reuters.
In a statement to Dubai's bourse, Arabtec denied the rumored stake hike plans. The builder said the media speculations were baseless and that there are no plans at this point in time, the report detailed.
In November 2012, the Dubai-based contractor picked up a 24% stake in Depa. The acquisition deal was valued at AED241.7 million ($65.8 million), the report added.
Depa's shares have climbed 94.3% year-to-date, partly because of the speculation of Arabtec raising its stake in the interior contracting company, Reuters reported.
Depa Ltd specializes in the furnishing of fine private and public facilities including five-star luxury hotels, apartments, and yachts in around the world. Headquartered in Dubai, the company has expanded its operations throughout the Middle East, Europe, Asia, and Africa, according to Depa's company website.
Arabtec Construction LLC us a construction company launched in 1975. At present, the firm employs a multinational team composed of over 40,000 highly qualified workers, Arabtec's company profile stated.