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FINANCIAL NEWS
Dubai’s Arabtec to sell four units with USD234.24m net asset value
23 Mar 2015
(MENAFN) Dubai’s Arabtec is set to sell four of its five Saudi Arabian units, which the firm valued their net assets after liabilities at USD234.24 million, Arabian Business reported.
The board of Arabtec, 36 percent owned by Abu Dhabi state fund Aabar Investments, approved the disposing of Arabtec Saudi Arabia, Arabtec Construction Machinery, Saudi Austrian Arabian Ready Mix Co and EFECO Saudi.
Arabtec owns stakes of between 45 and 62 percent of these firms and has control over all of them. Selling the quartet would leave the builder with a solitary Saudi subsidiary – Saudi Target Engineering Construction Co.
“The company’s plan (is) to continue expansion in attractive markets, mainly the Gulf region; in particular the Saudi market, and to study the expansion opportunities in other markets,” the firm said.
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