The Abu Dhabi subsidiary of the Oman-headquartered contracting company Al Hassan Engineering Co has filed for liquidation at the Abu Dhabi Judicial Department.
In a notice submitted to the Muscat Securities Market, the company revealed that the case hearing for the liquidation of its Abu Dhabi unit will take place on 29 April, 2018.
The move follows a resolution passed by the Board of Directors of Al Hassan Engineering Co during a meeting held Wednesday last week.
“After discussion with [the] Audit Committee and External Auditors, the Board has decided to discontinue the operations of the subsidiaries and to liquidate by December 2018 due to significant losses and equity deficits,” the company told Muscat Securities Market.
“Pursuant to this, [the] company has considered impairment of investment in subsidiaries and due from subsidiaries. In addition to this, [the] company has decided to impair goodwill of OMR0.8m ($2.08m).”
The company’s unaudited financial results for the year, ended 31 December, 2017, revealed that Al Hassan Engineering Co suffered a consolidated loss of $69.45m (OMR26.74m) in 2017, while its parent loss stood at $7.43m (OMR2.86m).