Lumina Appointed as Financial Adviser to Arabtec Subsidiary, Arabtec Engineering Services, Amid Ongoing Liquidation
Lumina Capital Advisers is appointed as financial adviser to Arabtec subsidiary, Arabtec Engineering Services, amid ongoing liquidation. Construction major says it is considering auction sales to achieve best value for creditors as liquidation process continues. Dubai-based construction major Arabtec said on Wednesday it has hired advisors as it seeks to sell subsidiary companies as it continues its liquidation process. In a filing to Dubai Financial Market, Arabtec said it has hired deNovo Corporate Advisors and Lumina Capital Advisers as it seeks to secure best value for 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," Arabtec said in the statement. It added that possible routes include auction sales of some of the company’s subsidiaries. Arabtec also said that in the event a sale of any of the company’s subsidiaries or their assets is agreed, any such sale will be "subject to the approvals and ratifications as may be required under applicable UAE laws".