Kuwait firm denies merger talks with Dubai builder Arabtec

22/08/2013 08:58 AST

Kuwait's Combined Group Contracting Co on Wednesday denied a local newspaper report that it was involved in merger negotiations with Dubai builder Arabtec Holdings.

Kuwaiti newspaper Al-Qabas said Arabtec, part-owned by Abu Dhabi state investment firm Aabar, was in merger talks with Combined Group and Saudi Arabia's Saudi Oger. It cited unnamed sources.

"We are not related to this issue at all...We did not approach anyone and no one from Arabtec offered anything...There is not even an intention in this regard," an executive at the company said, declining to be named.

Saudi Oger officials were not available for comment.

Arabtec Holdings is considering a merger with the largest contractors in Saudi Arabia and Kuwait to create a pan-Gulf construction firm, the firm's chief executive told CNBC's Arabic news channel without specifying company names.


Reuters

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