Shareholders vote to liquidate Arabtec Holding
Arabtec Holding shareholders authorised the board of the Dubai-listed construction company on Wednesday to file for liquidation due to its untenable financial position following the fallout from the coronavirus pandemic, an internal company email said.
Shareholders also authorised Arabtec to appoint AlixPartners and Matthew Wilde, or any other person or persons the board considered fit, as liquidator, two sources told Reuters.
According to Nasdaq.com, the company, which last month posted a first-half loss of 794 million dirhams ($216 million) and total accumulated losses of 1.46 billion dirhams, said on Sept. 9 that it was calling the general assembly under an article of UAE company law.
Arabtec successfully completed more than 240 projects, including the world’s tallest building, the Burj Khalifa in Dubai, and the iconic Louvre, Abu Dhabi.