Arabtec Holding, a top construction company in the Middle East region, said it has signed up corporate advisory firms deNovo and Lumina Capital Advisers for managing the proposed sale of its key subsidiaries Target and Arabtec Engineering Services (AES).
Target Engineering is a leading EPC contractor offering in-house services for major construction disciplines in onshore and offshore areas, while AES is amjor provider of civil contracting services for infrastructure projects.
Arabtec in its filing to Dubai Financial Market, stated that in the event of a sale of any of the company’s subsidiaries or their assets being agreed, such sale will be subject to the approvals and ratifications as may be required under applicable UAE laws.
Last month, the Dubai-based contractor had reiterated its decision to go ahead with the liquidation plans 'due to its untenable financial position following the fallout from the coronavirus pandemic' following a two-month period of discussions with key stakeholders.
Owing to inter-dependencies of certain subsidiaries of Arabtec, the application to the competent courts will also request that Arabtec Construction, Arabtec Constructions, Austrian Arabian Readymix Concrete Company and Arabtec Precast (collectively the Impacted Companies) will also be placed into insolvent liquidation simultaneously, it said in its filing to Dubai bouse.