DUBAI: UAE Builder Arabtec Holding confirmed at a general assembly meeting on Monday it will, at the earliest opportunity, file an application for its insolvent liquidation at the courts.
“In accordance with the resolution of the company’s shareholders at the general assembly meeting held on Sept. 30, 2020, the conclusion was reached following a two-month period of discussions with key stakeholders,” state news agency WAM reported.
“The Board has concluded that it is no longer tenable for the company to continue operating outside of a formal insolvency process and that it is in the best interests of the company’s stakeholders that the company be placed into an insolvent liquidation (subject to court approval) at the earliest opportunity,” the report added.
The court application will also request that Arabtec Construction LLC, Arabtec Constructions LLC, Austrian Arabian Readymix Concrete Co LLC and Arabtec Precast LLC (collectively the Impacted Companies) will also be placed into insolvent liquidation at the same time.
No application has been made with regards to other subsidiaries and the builder intends to continue to engage with stakeholders to explore options open to it, the report added.