Last updated: Wednesday September 30, 2020 KSA 16:25 – GMT 13:25
Publication date: Wednesday September 30, 2020 KSA 13:47 – GMT 10:47
Source: Dubai – Alaa Al-Minshawi
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Informed sources told Al-Arabiya Net, “The general assembly of Arabtec Holding decided to dissolve the company and liquidate it.
The sources added that the Board of Directors sent a mail message to all employees with the decision taken by the General Assembly.
The postal message included that it was decided to “dissolve the company and submit a request to the competent court to declare the company bankrupt and liquidate it, and to recommend the appointment of Alex and his partners, Matthew Wild or any other party designated by the Board of Directors as it deems appropriate as a liquidator of the company.”
It was also decided that the company would not continue to exist, provided that the board of directors, before declaring bankruptcy, informs the stakeholders of the effects of the liquidation decision within two months.
According to previous official data of Arabtec, in the first half of 2020, the company lost about 794 million dirhams as a result of construction work (Arabtec for Construction), compared to profits of 58 million dirhams in the comparative half of 2019.
The company’s board of directors, in its recent meeting, had 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, accounting for 97.22% of its capital of 1.5 billion dirhams.
Informed sources told Al-Arabiya Net, “The real accumulated losses of the company may exceed 97%.
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