The CEO of Dubai contractor Arabtec Wail Farsakh has resigned after less than a year in role even as the company remains in the midst of liquidation.“We would like to announce the resignation of Wail Farsakh as group CEO of Arabtec Holding. We would like to take this opportunity to thank him for his efforts and leadership over the past year,” the Dubai-listed company said in a brief statement on Dubai Financial Market (DFM) on Thursday.
Farsakh, who joined Arabtech as group COO in September 2019, was made the group CEO in April 2020, replacing Peter Pollard .He was primarily focused on restructuring Arabtec’s construction business. The struggling construction company’s shareholders announced on November 30 that they were going for liquidation after failing to find any strategic investors.
It filed for insolvent liquidation in the local court on December 17 after shareholders decided it was “no longer tenable for the company to continue operating outside of a formal insolvency process”.The application to the courts also requests that Arabtec Construction, Austrian Arabian Readymix Concrete and Arabtec Precast are placed into insolvent liquidation.
However, for now, no application will be made to the competent courts in respect of any of the company’s other subsidiaries.Last month, Arabtec said it had hired deNovo Corporate Advisors and Lumina Capital Advisers to sell off some of its subsidiaries including Target Engineering and Arabtec Engineering Services (AES).
“We would like to notify you that the company has commenced considering possible routes available to it with a view to protecting the value of liquidation assets in the interest of all of its creditors,” it said in a bourse statement.
Source: Gulf Business
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