#Dubai builder Arabtec says shareholders ask to reverse decision to liquidate company | Reuters

Dubai builder Arabtec says shareholders ask to reverse decision to liquidate company | Reuters

Dubai builder Arabtec Holding is asking shareholders to reverse a decision made in September to proceed with a bankruptcy and liquidation filing, according to a bourse filing on Monday.

Instead, the troubled builder is asking shareholders, scheduled to meet at a general assembly meeting on Monday, to approve the continuity and restructure the company, the filing said.

The contracting firm said the request was made “at the request of shareholders representing more than 5% of the company.” It did not name the shareholders.

“It seems that these points have been raised by a group of investors. The fact that they’re being discussed at the general assembly doesn’t mean there’s a change of heart, it means that these points will be voted on,” said Mohammed Ali Yasin, chief strategy officer at Al Dhabi Capital Ltd.