Arabtec board meeting put off once again

The new date is October 28

BBN Report

DUBAI/October 25-2020: The crucial meeting of the board of directors of Arabtec Holding, which was scheduled to convene today (October 25, 2020), has been rescheduled to October 28, 2020.

Originally, the board was supposed to meet on October 19, but the company had informed the Dubai Financial Market (DFM) that the meeting was postponed and would be convened on October 25, which now stands once again postponed.

The shareholders’ meeting on September 30 had given the board the go-ahead to liquidate the company as its accumulated losses had far exceeded 50 per cent of its share capital.

The board meeting originally scheduled for October 19 and afterwards rescheduled for 25th was supposed to consider the course of action and the procedures that need to follow the crucial general body meeting held on September 30.

The general meeting of shareholders had authorised the Board of Directors to submit a request to the court to declare the company bankrupt, liquidate it, and appoint a (liquidator) for the company.

As per the shareholders’ meeting on September 30, the board after proper deliberations was supposed to apprise the shareholders of the course of action and the effects of approaching the court for bankruptcy, within a period not exceeding two months from the date of the board meeting.

 

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