The board of Arabtec Holding will meet for the first time on Wednesday since the construction company officially filed for liquidation last month.
In a filing to Dubai Financial Market on Monday, Arabtec announced plans for the board meeting later this week without giving any details about the agenda.
On December 17, the company, which was valued at about AED30 billion ($8.17 billion) at its peak in 2014, said it and some of its subsidiaries had filed for insolvent liquidation pursuant to the resolutions of its shareholders on September 30 and November 30.
Owing to inter-dependencies of certain of the company’s subsidiaries, the application included subsidiaries Arabtec Construction, Arabtec Constructions, Austrian Arabian Readymix Concrete Co and Arabtec Precast.
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.
Shares on Dubai Financial Market have been suspended since the initial announcement by the company.
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