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Arabtec shares suspended from trading on DFM ahead of Q4 results announcement

2017-01-23 09:59:05

The National staff

EFG Hermes expects Arabtec’s losses to narrow in the fourth quarter of 2016 compared to a year earlier. Ravindranath K / The National
 

Shares in Arabtec Holding have been suspended pending the release of its fourth-quarter earnings statement.

A notice from the Dubai Financial Market this morning stated that "as its Board of Directors meeting is being held today", the construction firm’s shares would not trade from 11.30am until results are disclosed. The meeting is being held in Abu Dhabi at the offices of the parent company of Aabar, which is the largest shareholder in Arabtec, with a 36 per cent stake.

EFG Hermes expects Arabtec’s losses to narrow in the fourth quarter of 2016 compared to a year earlier, according to Reuters.

Arabtec reported a net loss of Dh404 million for the final three months of 2015.

The company’s shares are up more than 11 per cent in 2017. Shares opened today at Dh1.46 and were trading at Dh1.45 when they were suspended.

 

( courtesy of TheNational )