Arabtec shareholders launch last-ditch bid to save construction giant

Arabtec shareholders launch last-ditch bid to save construction giant

Group of shareholders seek approval at Monday's general assembly meeting to reverse liquidation decision

A group of Arabtec shareholders are making a last-ditch attempt to save the construction giant from liquidation and have added new items to the agenda of the company's general assembly meeting to be held later on Monday.

According to a filing on the Dubai Financial Market, shareholders representing more than 5 percent of the capital of Arabtec Holding want the meeting to vote on a resolution to cancel a decision made by shareholders on September 30 to dissolve the company due to its untenable financial situation.

The resolution of the shareholders granted the Arabtec board a maximum period of two months to allow for discussions with the main stakeholders before submitting the liquidation application.

But now, some shareholders are urging a different approach and have asked for the meeting to consider a special resolution for the "continuity and restructuring" of the company instead of dissolving it.

Board of troubled Dubai-based construction giant will discuss the latest update on the progress of the insolvency liquidation plan on Wednesday afternoon

A second added agenda item also suggests disatisfaction over the way the decision to liquidate Arabtec was taken, with three shareholders seeking approval to