Dubai – Mubasher: Gulf General Investment Co (GGICO) on Sunday announced that its shareholders will convene for an ordinary general meeting (OGM) to discuss the continuity of the company’s operations.
The OGM will be held on Tuesday, 24 April and will also discuss a capital reduction to AED 586 million from AED 1.731 billion, GGICO said in a filing to the Dubai Financial Market (DFM).
Through the capital cut, the investment firm seeks to offset all of its losses, which also includes the cancellation of a number of shares.
The OGM will also tackle and approve the board’s report and the company’s financial position for the year ended 31 December 2017, added to the budget and profit and loss account for last year.
GGICO last reported an increase in annual losses to AED 233.9 million for 2017 from AED 155.2 million in the year before.
