Shareholders vote to liquidate the company, and Arabtec CEO steps down as profits decline. Latest news from the UAE and around the world brought to you by Gulf News. See more at: http://gulfnews.com/videos
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00:00Marka, the Dubai-listed retailer, will soon cease to exist. The company's shareholders
00:07voted today to liquidate the business, just days after it reported 296 million dirhams
00:12in losses for the first quarter of 2019. The company has already been struggling for some
00:17time now, and its shares have been suspended from trade on the Dubai bores for over a year.
00:22It has been in the midst of restructuring and has attempted to cut costs and change
00:26its capital structure. But despite its efforts to restructure, Marka has not turned a profit
00:31since it listed on the Dubai bores in 2014. It is now unclear exactly how that liquidation
00:36process will take place, but shareholders voted unanimously for it at the AGM.
00:40In other news, another Dubai-listed company is also making headlines. Construction firm
00:45Ariptec said on Wednesday that its chief executive officer will be stepping down, as the company
00:49reported a 50% decline in its profits as revenues fell and general expenses rose. Ariptec did
00:55not provide details in its disclosure to the Dubai bores on why exactly its CEO will
00:59be stepping down, but it said that chief financial officer Peter Pollard will be replacing him
01:04as acting CEO. Despite the decline in profits this quarter,
01:08it still marks another profitable quarter for Ariptec, which had made losses for about
01:12two years and accumulated 3.4 billion dirhams in losses, before the CEO took office and
01:17restructured the company. Ariptec has since changed its capital structure, cut costs and
01:22focused on its core operations.
01:25For more details on these stories and more, please do check us out at gulfnews.com forward
01:29slash business. This has been the Daily Business Wrap. Thank you so much for watching.