Arabtec to use $272m reserves to wipe out losses
ABU DHABI, June 1, 2016
A meeting of shareholders in Dubai-listed construction firm Arabtec Holding approved on Wednesday a plan to use Dh1 billion ($272 million) of the company's statutory reserves to wipe out some of its accumulated losses.
They also approved the appointment of two new members - Tariq Al-Masood and Ghannam Al-Mazrouei - to an expanded seven-person board. Reuters
