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Arabtec puts cards on Depa stake purchase on the table
- United Arab Emirates: Thursday, November 22 - 2012 at 14:05
The Dubai Financial Market General Index ended a sluggish trading week 0.21% lower at 1,596.54 points. Shares of the UAE's largest real estate builder firm Arabtec Construction fell 2.14% to Dhs2.29. Earlier in the day, NASDAQ Dubai-listed interior design firm Depa Limited said that Arabtec Holding bought 149,555,275 ordinary shares in the company from a range of investment funds at a price of $0.44 per share, representing approximately 24% of Depa's total issued share capital. Shares of Depa, which jumped 47% Wednesday, fell back to $0.32, down 14.77% today. Depa, which was responsible for the inner outfit of the seven-star hotel Burj Al-Arab and the world's tallest tower Burj Khalifa (828m), lost last July a contract to shape the interior design of the New Doha International Airport. The contract was cancelled by the Qatari party and was worth $250m. In the first six months 2012, Depa reported a net loss of Dhs110m, down from a profit of Dhs48m in the same period in 2011.
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Gérard Al-Fil, Financial JournalistThursday, November 22 - 2012 at 14:05 UAE local time (GMT+4)
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