Arabtec denies shattering news that it will acquire Kuwait's Kharafi National
Dubai builder Arabtec on Wednesday denied that it planned to acquire Kuwaiti construction firm Kharafi National.
Sources familiar with the discussions told Reuters on Monday that Arabtec had been in talks with Kharafi National, part of the Kharafi Group, to fully acquire the company. On Monday, both Arabtec and Kharafi declined to comment.
On Wednesday, Arabtec said: “The company denies that it will acquire Kharafi National.”
Earlier on Wednesday, Arabtec issued another statement saying its board had not taken any decision on the acquisition of another company. It did not mention Kharafi National.
Its shares were subsequently suspended from trading at the request of the regulator.