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.
Comments