|01-04-2015, 12:58 PM||#1|
Dubai`s Arabtec seeks advice from PWC on potential takeovers
The UAE`s biggest publicly traded construction company, Arabtec Holding Co is seeking advice recently from PricewaterhouseCoopers LLP (PWC) to identify acquisition targets.
Dubai`s biggest contractor Arabtec, behind the legacy of Burj Khalifa, is in talks with several banks to discuss potential financing for a takeover, yet no comments have been revealed by the real estate company, nor PWC or banks, as details remain enclosed.
Arabtec`s third-quarter profit dipped 32 percent, as the company’s expenses almost doubled during the period.
last November, Arabtec reported a drop in net profit to 68.7 million dirhams in the three months ended September 30 from 100.8 million dirhams in the same period a year ago.
Analysts predict Arabtec to record a remarkable growth during the upcoming years, as the company is currently working on a number of projects that will probably yield high revenues.
In Egypt, Arabtec already started the “million unit residential project” where it may start delivering its first units by the end of 2015.
Shares of Arabtec plummeted by 1.7 percent to 2.88 dirhams at 12:28 pm in Dubai local time. The stocks climbed by 43 percent in 2014.
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