Arabtec’s board of directors discusses the implementation of the business discontinuation...

– direct: The Board of Directors of Arabtec Holding Company, listed on the Dubai Financial Market, announced today, Monday, that it will meet tomorrow, Wednesday, October 7, to consider the decisions and procedures necessary for the purposes of implementing the decisions taken at the last General Assembly.

According to a press release issued by the company, the company provided the Dubai market with the decisions of the general assembly that took place last Wednesday, the 30th of September, which confirmed the process of appointing Walid Al Muqarrab Al Muhairi as a non-executive board member of the company, to complete the membership of “Mohammed Thani Al Rumaithi“..

The lack of continuity of the company and the authorization of the Board of Directors to submit a request to the court to declare the company bankrupt and liquidate and appoint (Alex and Partners) and (Matthew Wild), or any other person or party designated by the Board of Directors as it deems appropriate as a liquidator.

The decisions stipulated that the board of directors or whoever delegated by the board, and before submitting to the court for bankruptcy, inform the stakeholders of the effects of that within a period not exceeding two months from the date of the meeting.

The Dubai Financial Market officially decided, this evening, after receiving the decisions of the General Assembly and their publication on the market’s website, to continue to stop trading in Arabtec Holding shares until further notice.

Shareholders of Arabtec Holding voted earlier this month in favor The non-continuity of the company and its dissolution due to its unstable financial conditions


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