The General Assembly of the UAE-based Arabtec Holding Company decided to dissolve and liquidate the company.
According to Arabiya Net, informed sources said that the Board of Directors sent a mail message to all employees of the decision taken by the General Assembly.
and the mail included that it was decided to dissolve the company and submit a request to the competent court to request the company to be declared bankrupt and liquidated, and to recommend the appointment of Alex & Co., Matthew Wild or any other party determined by the Board of Directors according to He sees fit as a liquidator of the company.
It was also decided that the company would not continue, provided that the board of directors, before declaring bankruptcy, informs the stakeholders of the effects of the liquidation decision within two months.
and according to previous official data of Arabtec, the company lost in the first half of 2020, about 794 million dirhams as a result of the construction work (Arabtec Construction), compared to 58 million profits Dirhams in the comparative half of 2019.
and the Board of Directors of the company, in its recent meeting, appointed Walid Ahmed Al-Muqarrab Al-Muhairi as a member and chairman of the board of directors.
Arabtec has accumulated losses of 1.46 billion dirhams, constituting 97.22% of its capital of 1.5 billion dirhams.
Informed sources told Al-Arabiya Net that the real accumulated losses of the company may exceed 97%.
