Arabtec submits a formal bankruptcy application to the court
Arabtec Holding Company has submitted a formal declaration of bankruptcy to the arbitrator for the purpose of liquidating the parent company and some of its subsidiaries.
Today, Thursday, the company added, in a disclosure sent to the Dubai Financial Market, that the decision came in accordance with the decisions of the General Assembly on September 30 and November 30, 2020, and in accordance with the decisions of the Board of Directors.
The general assembly of the company decided on November 30, 2020, to continue the process of liquidating the company and to proceed with the request to officially declare its bankruptcy.
This decision was reached after a period of two months of discussions with the main stakeholders, based on the decision taken by the shareholders at the General Assembly meeting held on September 30, 2020.
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