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Depa rises as Asian business flourishes
- United Arab Emirates: Monday, November 26 - 2012 at 16:18
The FTSE NASDAQ Dubai UAE 20 Index closed flat at 1755.17 Monday. While DP World ended likewise unchanged, shares of the Middle East's largest interior design firm Depa Limited gained 1.33% to reach $0.38. Depa's Asian subsidiary Design House based in Singapore reported a 102% rise in Q3 net profits amounting to $40.8m aminly fuelled by a rise in demand in mainland China. In addition, Depa said in a statement to the NASDAQ Dubai that investment manager Blakeney LLP sold 44,184,611 ordinary shares in the company on Nov. 21, the day before Arabtec Construction bought a 24% stake in Depa for $65.8m. "Following the above transaction, Blakeney LLP no longer holds shares in the company, down from 7.06%," said Depa.
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Gérard Al-Fil, Financial JournalistMonday, November 26 - 2012 at 16:18 UAE local time (GMT+4)
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