Press releases, Reports & Disclosures for Arabtec Holding PJSC

The letter is addressed to Dr. Obaid Saif Al Zaabi, CEO of the Securities and Commodities Authority in Abu Dhabi, and Mr. Hasan Abdulrahman Al Sirkal, CEO of the Dubai Financial Market. The sender provides an update on the recent procedures related to the bankruptcy petition of Arabtec Holding (PJSC) and certain subsidiaries. The bankruptcy petition No. 4 of 2021 was submitted to the Dubai Court on 7/1/2021 by Arabtec Holding PJSC and its subsidiary, Arabtec Construction LLC.

The text is a formal disclosure about the recent developments related to the bankruptcy and liquidation application for Arabtec Holding PJSC and some of its subsidiaries. A bankruptcy petition was submitted to the Dubai Court by Arabtec Holding PJSC and its subsidiaries: Arabtec Construction LLC, Austrian Arabian Readymix Concrete Co. LLC, Arabtec Precast LLC, and Emirates Falcon Electromechanical Co. During a court hearing on 18/2/2021, a panel of seven experts was appointed by the bankruptcy judge to review the bankruptcy application.

Arabtec Holding PJSC has announced it is considering options to protect the value of its liquidation assets for the benefit of all its creditors. This may include the sale of some of its subsidiaries, such as Target Engineering and Arabtec Engineering Services LLC. The company has hired deNovo Corporate Advisors and Lumina Capital Advisors to advise on these potential sales. Any such sales would need to comply with applicable UAE laws.