Dubai’s Arabtec Says No Plans To Increase Stake In Depa

Dubai builder Arabtec Holding said on Monday that it had no plans to increase its stake in interior contracting firm Depa.

Recent media speculation about increasing its stake in Depa was baseless and “there are no plans at this stage”, Arabtec said in a statement on Dubai’s bourse.

The Dubai-based contractor acquired a 24 per cent stake in Depa in Nov. 2012 for Dhs241.7 million ($65.8 million).

Shares in Depa have risen 94.3 per cent year-to-date, partly on speculation of Arabtec raising its stake in the company.