Dubai – Mubasher: Arabtec Holding, listed on the Dubai Financial Market (DFM), and some of its subsidiaries have filed for insolvent liquidation in accordance with the shareholders’ resolutions on 30 September and the board’s decision on 30 November, according to a bourse disclosure on Thursday.   

On Wednesday, the construction giant said that its board of directors are continuing to work on the required procedures to file the liquidation application.

The decision was made after shareholders “concluded that it is no longer tenable for the company to continue operating outside of a formal insolvency process and that it is in the best interests of the company’s stakeholders that the company be placed into an insolvent liquidation.”

On 1 October, the company announced that its shareholders voted for the company's non-continuity and dissolution due to its unstable financial conditions.