Arabtec Holding sent a release to the DFM denying rumours suggesting the appointment of Hassan Ismaik as the chairman or a member of the Board of Directors. Arabtec also confirmed that no changes to the board are planned at this point.   We note that the stock has gained more than 40% over the last week (60% through Sunday), which we highlighted was not fundamentally-backed, prompting us to downgrade our rating on the name to Sell, late last week. Our fair value of AED1.07 currently implies more than 40% downside potential. Also, trading multiples are demanding at a 2017e PER of 37.1x, and EV/EBITDA of 17.8x. We reiterate our view that the stock will likely erase these gains, as the market over-excitement fades away, with the above news possibly acting as a trigger. (Company disclosure, Mai Attia, Sara Boutros)   Arabtec (DU): AED1.83 as of 6 March 2016, Rating: Sell, FV: AED1.07 per share, MCap: USD2,301 million, ARTC UH / ARTC.DU