RIYADH: A UAE court has opened bankruptcy proceedings for Dubai Financial Market-listed Marka and its six subsidiaries in the first case of its kind, according to Argaam.
Experts Redha Darwish Al-Rahma and Ahmed Ali Ahmed Al-Hosani have been appointed as the bankruptcy trustees.
Creditors and other claimants have been invited to submit their specific-value claims with the necessary supporting documentation.
The decision to wind up business activities was made at a Marka general assembly meeting in 2019. Marka was listed on the Dubai Financial Market in 2014, the same year it was founded, operating in the retail and hospitality sector.
The company, which acquired Reem Al-Bawadi, had made continuous losses since its stock exchange listing and trading in its shares has been suspended.
