The board of directors of UAE-based Arabtec has announced plans to hold a meeting on Tuesday afternoon.
Arabtec Holding confirmed last month that it was to file an application for its insolvent liquidation at the competent courts “at the earliest opportunity”.
In accordance with the resolution of the company’s shareholders at the general assembly meeting held on September 30, the conclusion was reached following a two-month period of discussions with key stakeholders.
The decision was taken at a general assembly meeting held on November 30 despite a group of shareholders making a last-ditch attempt to save the construction giant from liquidation.
According to a filing on the Dubai Financial Market on Sunday morning, a meeting is planned for Tuesday at 3pm. No further details were given.
The impact of the liquidation of Arabtec is expected to send “reverberations” throughout the industry, with the repercussions felt on a much wider scale than simply those who are directly involved with the company and its current pipeline of projects, analysts told Arabian Business at the time of the initial announcement.
Arabtec Holding was valued at about AED30 billion ($8.17bn) at its peak in 2014 and is now worth AED795 million ($216.5m), with the stock down 60 percent this year alone.
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