Dubai Financial Market-listed contracting giant Arabtec Holding will go into liquidation, Oil & Gas Middle East’s sister title Construction Week reported.
The UAE-based company made the announcement after its annual general meeting (AGM) on 30 September.
The company reported a net loss of $216.2 million (AED794 million) in the six-month period ending 30 June, 2020, and attributed the loss to the group’s construction business, Arabtec Construction.
“Unfortunately, against a backdrop of adverse market conditions, we regret to inform you that Arabtec shareholders voted to adopt a plan of liquidation and dissolution due to the company’s untenable financial situation,” the company said in an email seen by Arabian Business.
The company said in a stock market filing on 27 September that it was “working with a group of advisory firms including Alix Partners to prepare solutions and recommendations to be presented to the shareholders at the next annual general meeting”.
