DUBAI, Nov 21 (Reuters) - Dubai-based interiors contractor
Depa said on Tuesday that an unknown UAE-based entity
plans to buy a significant stake in the firm, leading to a sharp
rally in its shares.
Depa, listed on the Nasdaq Dubai bourse, said it had no
details on the potential buyer but said the entity could be
based in Dubai or Abu Dhabi and plans to acquire a sizeable
stake in its ordinary shares from the market.
"At this stage the name of the purchaser, the size of their
current stake and their intentions are unknown," the company
said in a bourse statement.
Shares of Depa jumped 47 percent to $0.44, reaching a
five-month high. About 150 million shares were traded, which is
more than what the company's shares traded in the previous two
(Reporting by Praveen Menon and Matt Smith; Editing by Dinesh