Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Bahrain- Arabtec "sacks" hundreds of employees stocks plunge  Join our daily free Newsletter

MENAFN - Khaleej Times - 24/06/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) Arabtec's stocks fell 10 per cent during trading on monday reaching its lowest level since march.

shares of the uae’s largest construction firm arabtec on monday tumbled to its lowest since march after the company fired hundreds of employees bloomberg reported citing people familiar with the matter.

the dubai contractor has laid off a significant number of employees in the wake of chief executive hasan ismaik’s departure last week sources said adding: “shohidul ahad-choudhury arabtec’s head of mergers and acquisitions and a former deutsche bank executive was among those dismissed.”

it is reported that large numbers of staff including at least two senior executives have departed the company since ismaik resigned. arabtec didn’t confirm the staff lay-off.

the contractor has plunged 48 per cent so far this month and 53 per cent from a record dh7.40 in may. abu dhabi state-run aabar investments cut its stake to 18.85 per cent as of june 11 from 21.57 per cent stoking speculation the builder was losing government backing.

investors are selling arabtec because there’s uncertainty surrounding its governance and ability to “execute their pipeline of projects effectively with so much internal strife” according to ramez merhi director of asset management at dubai-based al masah capital.

“this looks as if it could have been a fight for control of the company and aabar won.”

ismaik is still the single-largest shareholder in arabtec with an nearly 29 per cent stake. the former ceo said on june 18 that he would consider selling his shares in the company if he gets an offer from the government. arabtec board member mohamed al fahim was appointed acting ceo following ismaik’s departure.

“the company must be forced to come up with an announcement to ease tension among the investors mainly the small investors” wadah al taha chief investment officer of dubai-based al zarooni group said.

— abdulbasitkhaleejtimes.com

dfm hits 3-month low

abdul basit

dubai’s bourse on monday sank to its lowest level in more than three months with its plunge led by property stocks — especially arabtec as the largest listed construction company laid off a significant number of employees in the wake of former chief executive officer’s hasan ismaik’s departure last week.

the dfm general index dropped by 4.3 per cent to 4296 points the lowest close since march 19 and a second day falling. arabtec fell by nearly 10 per cent after dismissing staff including senior managers bloomberg reported citing sources.

property giant emaar properties which has the largest weighting on the benchmark index was the biggest decliner by index points retreating 4.9 per cent. emaar fell to dh8.80.

“there is confusion in the market and i call it ‘arabtec fever’” wadah al taha chief investment officer of dubai-based al zarooni group told bloomberg. “the sentiment is very weak and investors weren’t prepared for the situation getting so much worse” al taha said adding that in a worst case scenario the index could fall to 3800.

the dfm witnessed a total of 10686 trades generating 598 million shares volume and valuing dh1.47 billion.

overall 31 stocks attracted trades. twenty-six stocks declined and only four appreciated in terms of value. arabtec became the top trading volume contributor with 132 million shares followed by gulf finance house 81 million shares and union properties 75 million shares. the dfm soared this year amid a real estate recovery in the emirate before the uae’s central bank said on june 8 there are signs the property market is overheating.

“dubai’s gauge entered a bear market after it plunged 20 per cent since a peak in may. two of the regularly traded stocks in the 30-member benchmark gauge were trading above their 50-day moving average price... that’s the fewest since july 2012 and compares with a one-year peak of 23 in december” according to data compiled by bloomberg.

arabtec which has the fifth-highest weighting on dubai’s benchmark index has dropped 48 per cent in june. its shares tumbled to dh3.46 the lowest since march 17.

— abdulbasitkhaleejtimes.com


 


Khaleej Times




  MENA News Headlines
 May 4 2015 - Qatar- PHCC joins 'Clean Your Hands' driveThe Peninsula
(MENAFN - The Peninsula) Workers at primary healthcare centres are at a high risk of spreading infections from one patient to another, say experts.However, a simple act as washing hands before and ...

 May 4 2015 - Yemeni FM praises Qatar's supportGulf Times
(MENAFN - Gulf Times) Yemeni Foreign Minister Riyad Yassin praised the reaffirmation of support by HH the Emir Sheikh Tamim bin Hamad al -Thani to Yemen's legitimate government.In an exclusive ...

 May 4 2015 - Qatar- Ezdan to open Al Wukair Shopping Centre in OctoberThe Peninsula
(MENAFN - The Peninsula) Ezdan Holding will open its Al Wukair Shopping Centre in October this year, senior officials of the group announced yesterday. Spread over an area of 30,000 square meter, the ...

 May 4 2015 - Insurer begins SMS service for Seha in QatarGulf Times
(MENAFN - Gulf Times) The National Health Insurance Company (NHIC) has launched short messaging service (SMS) for Seha members.An SMS will be sent to member visiting any of the Seha service providers ...

 May 4 2015 - Science Majlis from Wednesday in QatarGulf Times
(MENAFN - Gulf Times) Qatar Environment and Energy Research Institute (QEERI), a research and development entity under Qatar Foundation for Education, Science and Community Development (QF), will ...

 May 4 2015 - Sri Lankan motorist gets jail for reckless drivingGulf Times
(MENAFN - Gulf Times) A Criminal Court in Doha has awarded a six-month jail sentence to a Sri Lankan expatriate motorist for his reckless driving, which caused the death of a GCC citizen and injury ...

 May 4 2015 - New measures 'soon' to improve conditions of expatriate workersGulf Times
(MENAFN - Gulf Times) Qatar has played a key role in raising the standard of living of people in labour-exporting countries by providing employment to a large number of foreign workers, HE the ...

 May 3 2015 - Tunisia says Jews safe after Netanyahu raises specterArab News
(MENAFN - Arab News) TUNIS: Tunisia said Sunday security measures have already been taken to protect Jewish pilgrims at a religious festival next week on the island of Djerba after Israel warned of ...

 May 3 2015 - US air attacks hit 19 Islamic State targetsArab News
(MENAFN - Arab News) WASHINGTON: The United States and its allies staged 19 strikes on Islamic State targets in Iraq and Syria in a 24-hour period ending Saturday the Combined Joint Task Force said ...

 May 3 2015 - Syrian air raid near school kills 4 childrenArab News
(MENAFN - Arab News) BEIRUT: Syrian activists say a government airstrike near a school in the northern city of Aleppo has killed at least seven people including children. The Aleppo Media Center ...

more...


 






Google

Internatinal Property Show

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help