Arabtec shares suspended as construction giant stays silent on liquidation move

Arabtec shares suspended as construction giant stays silent on liquidation move

Shares in UAE-based Arabtec Holding were suspended on Thursday morning as the company remained silent over reports it is to be placed into liquidation.

Against a backdrop of "adverse market conditions", shareholders of the Dubai construction giant made the decision at the annual general meeting on Wednesday and follows a net loss of $216m for the first six months of the year.

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In an email sent to employees, seen by Arabian Business, it said: “Unfortunately, against a backdrop of adverse market conditions, we regret to inform you that Arabtec shareholders voted to adopt a plan of liquidation and dissolution due to the company's untenable financial situation.”

On Thursday, the company was silent, with no statement issued.

Arabtec successfully completed more than 240 projects, including the world's tallest building, the Burj Khalifa in