Arabtec board follows up liquidation progress

Dubai construction company's board also takes up strategy for way forward

  
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

After two failed attempts, the board of Arabtec has finally convened to discuss the liquidation.

In a statement to the Dubai Financial Market (DFM) on Sunday, the company said the board had met to follow up on the progression of its liquidation plan, and discussed the strategy for the way forward, on Wednesday afternoon (October 28). 

No other details were revealed in the statement. 

The construction firm’s shareholders voted to liquidate the company on September 30, and the board was given a two-month deadline to discuss the move with the main stakeholders before an application is submitted to the competent courts. 

(Reporting by Imogen Lillywhite; editing by Cleofe Maceda)

imogen.lillywhite@refinitiv.com 

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2020


More From Equities