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.
Shareholders voted to dissolve the company at a general assembly on September 30 after the board considered "a number of strategic alternatives", Arabtec said in an emailed statement.
“In recent years, limited liquidity in the construction sector has impacted the progress of Arabtec’s projects and this has been exacerbated by the effects of Covid-19," the company's chairman, Waleed Al Muhairi, said.
"Despite efforts to pursue legal and commercial entitlements and a restructuring of the company’s finances and operations, the situation in which Arabtec finds itself today is untenable."
The company will now be liquidated through a "controlled and efficient programme" to maximise value for stakeholders, he added.
"Over the coming weeks, the company’s board and management will work closely with regulators and stakeholders. Our current priority is to ensure that everyone directly affected by this decision, is treated fairly during this challenging time.”
Arabtec began trading in 1975 and grew to become a powerhouse of UAE construction, building many of the country's landmarks such as Dubai's Burj Khalifa and Abu Dhabi's Louvre Museum.
The company floated on the Dubai Financial Market in 2005. Its most recent annual report for its 2018 financial year show it had 45,000 employees, but it had recently been cutting costs as its losses continued to mount.
The shareholders vote follows Arabtec reporting a net loss of Dh794 million in the first half of this year.
As of June 30, the company owed about Dh1.8bn to banks and more than Dh5.3bn to trade creditors. It had total liabilities of Dh10.14bn and assets of Dh9.79bn, according to its half-year financial statement.
Arabtec's board now has a maximum of two months to hold discussions with all of its main stakeholders before a liquidation application is filed to the courts. The company said its primary objective is to provide stability for staff, subsidiaries, sub-contractors, suppliers, and other stakeholders.
In August, the company said it was planning to embark on a capital restructuring exercise with a view to strengthening its balance sheet.
In 2017, it raised Dh1.5bn through a rights issue from shareholders after cancelling Dh4.6bn worth of shares to wipe out historic losses.
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10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
Global state-owned investor ranking by size
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Japan
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What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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