Dubai – Mubasher: Gulf General Investment Company (GGIC) has received the approval of competent authorities to reduce its capital on 15 July.
The Emirati company will reduce its capital to AED 586.75 million from AED 1.79 billion, according to a bourse statement.
In April, the Dubai-listed company’s board ordinary general meeting (OGM) approved a resolution in favour of the continuation of the firm's business and the reduction of its capital.
GGIC posts a 10% increase in its losses during the first quarter of 2018.
