Dubai – Mubasher: Arabtec Holding's shareholders have voted for the company's non-continuity and dissolution due to its unstable financial conditions, according to a press release on Thursday.

The company referred that this decision was made after the board had evaluated several strategic options based on the financial analysis approved by AlixPartners, a restructuring specialist.

The shareholders granted the board a period not exceeding two months to negotiate with relevant stakeholders before submitting a liquidation request to the competent courts.

It is noteworthy to mention that in the first half (H1) of 2020, the company saw net losses attributable to the owners of the parent company of AED 794 million, against net profits of AED 58 million in the same period of 2019.