Dubai’s Arabtec set to exit four Saudi units

23/03/2015 Argaam
Arabtec Holding’s board gave the green light to divest out of four units, namely Arabtec Saudi Arabia, Arabtec Construction Machinery, Saudi Austrian Arabian Ready Mix Co., and EFECO Saudi. 
 
The group’s net stake in these investments was reclassified as held-for-sale assets. They are recorded in Arabtec’s financial statements as discontinued operations under the international Financial Reporting Standards (IFRS), the company said in a statement to Dubai’s Financial Market (DFM).
 
United Arab Emirates-based Arabtec owns a 62 percent stake in Saudi Austrian Arabian Ready Mix, 58 percent in Arabtec Construction Machinery, 53 percent in EFECO, and 45 percent in Arabtec Saudi Arabia. 

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