Who is the owner of Arabtec?
Mubadala Investment Company
Arabtec Holding PJSC/Parent organizations
What happened to Arabtec?
Arabtec Holding, the UAE’s biggest listed construction company, will be placed into liquidation due to its “untenable financial situation,” the company said on Thursday. The company will now be liquidated through a “controlled and efficient programme” to maximise value for stakeholders, he added.
How many employees does arabtec have?
Arabtec Holding PJSC
| Type | Public company |
|---|---|
| Total assets | 12.59 billion AED (2012) |
| Number of employees | 42,000 |
| Parent | Mubadala |
| Website | arabtecholding.com |
Why did arabtec fail?
In August, the company reported a net loss of $216.2m (AED794m) in the six-month period ending 30 June, 2020, due to ‘limited liquidity’ in the real estate and construction sector. The company, at that time, had directly attributed the loss to the group’s construction business, under the name Arabtec Construction.
Why did Arabtec fail?
Is Arabtec liquidation?
The court last week approved the liquidation of Arabtec and its six subsidiaries namely, Arabtec Construction Abu Dhabi, Arabtec Construction Dubai, Austrian Arabian Ready Mix Concrete (AAC) and Arabtec Precast, in addition to Emirates Falcon Electromechanical Co (EFECO) Abu Dhabi and EFECO Dubai.
Why is arabtec liquidation?
Arabtec shareholders had authorised the board of the Dubai-listed construction company to file for liquidation in September 2020. This was due to its untenable financial position following the fallout from the coronavirus pandemic.
What is liquidation of a business?
Liquidation in finance and economics is the process of bringing a business to an end and distributing its assets to claimants. As company operations end, the remaining assets are used to pay creditors and shareholders, based on the priority of their claims.
What is a full liquidation?
Complete liquidation involves a company transferring ownership of all its assets to its shareholders. The shareholders assume any remaining company debt, becoming responsible for prioritizing and paying off that debt.
What are the kinds of liquidators?
Company Liquidation Types
- Creditors Voluntary Liquidation ( CVL ) A Creditors Voluntary Liquidation service is used to close an insolvent company.
- Members Voluntary Liquidation. A Members Voluntary Liquidation procedure is in contrast to a Creditors Voluntary Liquidation.
- Compulsory Liquidation.