Dubai: Arabtec Holding confirmed on Tuesday that it is in talks to appoint Swiss investment bank UBS as a financial adviser on its merger talks.
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The confirmation comes after a Reuters report on Thursday said Arabtec has appointed UBS and Dubai-based Shuaa Capital as advisers on its potential merger with Trojan Holding.
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Arabtec named UBS in its statement, saying that it is in negotiations to hire the bank to assist it in the preliminary review and evaluation of a potential merger with Abu Dhabi’s Trojan Holding. It did not mention any other advisers.
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The contractor’s share prices gained 2.05 per cent.
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Arabtec in early September said it has started a review with Trojan on “the possibility of combining their construction businesses.” The news comes as the construction sector continues to face challenges due to a slowdown in demand for real estate, and as experts see a need for consolidation.
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