File - People walk past Arabtec headquarters in Abu Dhabi in this June 25, 2014. REUTERS/Stringer
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The rumors snowballed in early June when stock exchange data showed Aabar had suddenly cut its stake in Arabtec to 18.94 percent from 21.57 percent over several days.In mid-June, Ismaik publicly denied there was any rift with Aabar, but the writing was on the wall: two days later he resigned, saying he wanted to pursue his own business interests. In late May, Arabtec said Ismaik had raised his holding to 21.46 percent from 8.03 percent; there was no explanation of when, or why this had not been disclosed earlier – bourse rules require changes in stakes above 5 percent to be revealed promptly. In mid-June, when Ismaik quit, bourse data showed his stake had risen further to 28.85 percent. Ismaik says he has received several offers for his stake, from parties he declines to identify.Both Arabtec and Ismaik say his stint at the company was productive and that his decision to leave was a personal one; Aabar declines to comment.Aabar may further tighten its control of Arabtec.
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