Dubai’s Arabtec to hold second board meeting of 2017
Contractor will review its 2016 results after several periods of losses
The Dubai-listed contractor Arabtec has said it will conduct its second board meeting of 2017, in which it will review its 2016 results after several periods of losses.
It will review and approve minutes of the previous meeting and recommendations of the board committees, as well as review the unaudited preliminary financial statements for 2016.
The board meeting will be held on February 12, according to a statement to the Dubai Financial Market.
Arabtec’s last board meeting in January approved a new risk-management plan, according to a statement to the bourse at the time.
It approved a “new group-wide enterprise risk management plan”, the statement to the Dubai Financial Market said.
Trading in shares in Arabtec were last month suspended for a time as the company’s board of directors met to approve its accounts, according to local press reports.
Arabtec Holding is one of the largest construction companies in the Middle East, with nine principle subsidiary companies operating under its umbrella. The group has been implementing a series of restructuring and cost reduction initiatives.
The board in November announced the appointment of Hamish Tyrwhitt as the company’s new chief executive officer.
