Arabtec Holding denies appointing consultant for debt restructuring

The company is coordinating with consulting firms

  
Image used for illustrative purpose. An Arabtec logo is seen on buildings under construction in the Marina area of Dubai in this picture taken November 28, 2009.

Image used for illustrative purpose. An Arabtec logo is seen on buildings under construction in the Marina area of Dubai in this picture taken November 28, 2009.

REUTERS/Steve Crisp

Dubai – Mubasher: Arabtec Holding has denied the appointment of a consultant to restructure its debts, according to the company's disclosure to the Dubai Financial Market (DFM) on Monday.

The company referred that it is coordinating with consulting firms, including AlixPartners, to submit solutions and recommendations to the shareholders during the ordinary general meeting (OGM), set to be held on 30 September.

This announcement was made by the company to comment on the news circulated on Friday, 25 September, about the company's appointment of AlixPartners as a consultant for debt restructuring.

It is noteworthy to mention that in the first half (H1) of 2020, the company saw net losses attributable to the owners of the parent company of AED 794 million, against net profits of AED 58 million in the same period of 2019.

Source: Mubasher

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