Decision expected on new timeframe on liquidation process
BBN Report
ABU DHABI/November 16-2020: The financially-broke regional construction major, Arabtec Holding, will take stock of the progress so far made on the liquidation process as well as explore the possibility of amending the timetable on the liquidation timeframe at the shareholders’ meeting convened on November 30.
In a stock market filing today, Arabtec has invited its shareholders to the meeting to be held at IPIC Tower in Muroor Road, Abu Dhabi.
The meeting to be held via virtual attendance technologies will consider all the steps undertaken so far by the Board of Directors of the company to implement the special resolution adopted by the shareholders on September 30, 2020.
The notice to the meeting has also said the meeting will “approve, if necessary, via a Special Resolution, to authorise the director board of Arabtec to amend the timetable specified in the Special Resolution issued at the General Assembly Meeting on September 30.
Sept 30 meeting
Dubai Financial Market-listed Arabtec had confirmed after the September 30 meeting of its shareholders that the company was going into liquidation, due to its ‘untenable financial situation’.
The general assembly had requested that the board shall not make such an application to the courts until discussing the impact of this outcome with the stakeholders within a period not exceeding 2 months from the date of the general meeting on September 30.
“The purpose of the period not to exceed two months referenced in the resolution of the general assembly is to enable the company to discuss the impact of the Special Resolution on all of the customers, suppliers, creditors, banks, and all other persons, who have dealings with the company,” a company statement had clarified then.
