Arabtec Holding, a UAE-based contractor for social and economic infrastructure, has won approval from its shareholders to file for liquidation due to its untenable financial position following the fallout from the coronavirus pandemic, reported Reuters citing an internal company email.

 

The shareholders authorised the board of the Dubai-listed construction company on Wednesday to proceed with the liquidation process, said the statement.

 

They also ratified Arabtec's decision to appoint AlixPartners and Matthew Wilde, or any other person or persons the board considered fit, as liquidator, it stated.

 

"Unfortunately, against a backdrop of adverse market conditions, we regret to inform you that Arabtec shareholders voted to adopt a plan of liquidation and dissolution due to the company's untenable financial situation," the company statement added.