The Dubai Financial Market announced yesterday that it will continue to suspend trading in the shares of “Arabtec Holding Company” until further notice.
In turn, «Arabtec» announced in a disclosure published on the market’s website yesterday, that the company’s board of directors will meet tomorrow, Wednesday, to consider the decisions and procedures necessary for the purposes of implementing the decisions taken at the previous general assembly meeting.
The shareholders of “Arabtec” voted in the general assembly meeting held last Wednesday, in favor of the company’s non-continuity and its dissolution, given its unstable financial conditions.
The decision, which was voted on at the meeting, came after studying strategic options, based on a financial analysis approved by specialists in restructuring operations, “Alex Partners”.
The decision gives the company’s board of directors a maximum period of two months to negotiate with the relevant stakeholders, before submitting the liquidation request to the competent courts. Even so, the company’s first focus will be to provide stability to the company’s employees and subsidiaries, subcontractors, suppliers, and other interested parties.
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