Dubai's Depa shares soar on stake buy talks

Reuters Middle East

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

years combined.

(Reporting by Praveen Menon and Matt Smith; Editing by Dinesh


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