UAE – Mubasher: The UAE's GP Global Group has started its financial restructuring to face the challenges and economic impact of the coronavirus (COVID-19) pandemic.
The group has taken this decision for its inability to receive finance lines for its trade from a few financial institutions, according to a press release.
The group's financial restructuring is expected to be completed in the next few months.
Meanwhile, GP has denied the rumours circulating about its financial condition, confirming that these rumours are false and totally inaccurate.
It is noteworthy to mention that the group has previously announced the full acquisition of MAG Group in MAG Lube Limited, a leading manufacturer of lubricants in the Middle East.
