Dubai's Arabtec liquidation discussions could take longer

Shareholders will have the option approve a timetable amendment for board members' discussions

  
An investor walks through the Dubai Financial Market after Joe Biden won the U.S. presidency, in Dubai, United Arab Emirates November 8, 2020.

An investor walks through the Dubai Financial Market after Joe Biden won the U.S. presidency, in Dubai, United Arab Emirates November 8, 2020.

REUTERS/Christopher Pike

Arabtec Holding has invited shareholders to its general assembly to hear steps taken by the board in ongoing liquidation discussions, and approve, if necessary, a resolution to amend the timetable for discussions, said a statement to Dubai Financial Market.

Shareholders voted to liquidate the company on September 30, and a two-month deadline was set for the board for discussions with main stakeholders before a liquidation application is submitted to competent courts.

Shareholders can take part in the general assembly virtually on November 30.

(Writing by Imogen Lillywhite; editing by Daniel Luiz)

(imogen.lillywhite@refinitiv.com

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© ZAWYA 2020

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