Arabtec appoints advisers to sell subsidiaries ahead of liquidation | The National
Arabtec is planning to sell its two subsidiaries Target Engineering and Arabtec Engineering Services (AES) as the construction giant faces liquidation.
The move will help the company in “protecting the value of liquidation assets in the interest of all of its creditors", Arabtec said in a statement to the Dubai Financial Market on Wednesday.
The company’s shareholders in September authorised the board to file for liquidation due to its untenable financial position.
“In the event a sale of any of the company’s subsidiaries or their assets is agreed, any such sale will be subject to the approvals and ratifications as may be required under applicable UAE laws,” the contractor said.
Arabtec has appointed corporate advisory firm deNovo to advise on the potential sale of Target while Lumina Capital will advise on the sale of AES.
The company, which started its operations in 1975, also has other subsidiaries including Gulf Steel Industries, Emirates Falcon Electromechanical company, Austrian Arabian Readymix Concrete company and Arabtec Precast.
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