Former Arabtec CEO says has three offers for his stake
World News: 16:45 GMT Tuesday 24th June 2014. [Stock Market via SPi World News]
* Says has offers from govt entities, construction firm * Wants 6-7 dhs per share for stake; Management turmoil at Arabtec has dominated Dubai's stock market, pulling it into bear territory on Monday and contributing to a further 6.7 percent drop in the benchmark index on Tuesday. Investors have been dumping Arabtec stock since stakeholder Aabar Investments trimmed its holding earlier this month, fanning speculation that it might exit entirely and upset the company's rapid expansion plans. The subsequent departure of CEO and top shareholder Hasan Ismaik after 21 months at the helm, with other executives following in his wake, deepened the impression of management turmoil, exacerbated by a lack of explanation from the company.
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