Dubai – Mubasher: Arabtec Holding has appointed deNovo Corporate and Lumina Capital as advisors for potential sales of its subsidiaries, Target Engineering and Arabtec Engineering Services (AES).

deNovo Corporate will advise on the potential sale of Target, while Lumina Capital will be the advisor on AES, according to the company's disclosure to the Dubai Financial Market (DFM) on Wednesday.

This step aims to protect the value of liquidation assets in the interest of all of the company's creditors.

The company remarked that these sales will be subject to the approvals as required under applicable UAE laws.

It is noteworthy to mention that in December, the company 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.