The UAE company, Arabtec, announced holding a general assembly today at the request of shareholders representing more than 5% of the company's capital to consider two items.
According to Arabiya Net, the company clarified that the first clause is to cancel the decision of the general assembly on September 30th regarding the non-continuity of the company and authorizing the board of directors with a request to declare bankruptcy and liquidate the company, And approval, by a special decision, of the continuity of the company and its restructuring
The second clause is to cancel the decision to absolve the members of the Board of Directors and auditors and agree to file a liability lawsuit against them.
and at the end of last September, the general assembly of Arabtec Holding decided to dissolve the company and liquidate it.
The sources added that the board of directors had sent a letter 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 and Partners, Matthew Wild or any other party determined by the Board of Directors in accordance with He sees fit as a liquidator of the company.
It is also decided that the company will not continue, provided that the board of directors, before declaring bankruptcy, informs the stakeholders of the effects of the liquidation decision within a two-month period.
