Puts deNovo, Lumina Capital Advisors on the job
DUBAI/January 13-2021: Arabtec, the construction major that made headlnes with its decision to go for liquidation, is seriously considering selling its different assets including the prestigious subsidiaries, Target Engineering (Target) and Arabtec Engineering Services (AES), in order to protect the value of the liquidation assets.
A statement issued by Arabtec said the company has commenced considering possible routes available to it with a view to protecting the value of liquidation assets in the interest of all of its creditors. “Possible routes include auction sales of certain of the company’s subsidiaries (including Target Engineering (Target) and Arabtec Engineering Services LLC (AES),” the statement said.
The company has, for this purpose, engaged deNovo Corporate Advisors to advise on the potential sale of Target and Lumina Capital Advisers to deal with AES.
“It should be noted that in the event a sale of any of the company’s subsidiaries or their assets is agreed, any such sale will be subject to the approvals and ratifications as may be required under applicable UAE laws,” the regulatory statement filed with Dubai Financial Market (DFM) added.