Dubai – Mubasher: Marka on Thursday stated that its shareholders approved to authorise the board of directors to continue the company’s activities, and to continue restructuring plans to solve its accumulative losses.
These decisions took place during the firm’s meeting that was held on Wednesday, 11 October.
The continuity of the firm’s operation was implemented subject to the requirements of article 302 of the UAE Federal Law (2) concerning commercial companies.
Marka’s net losses was deepened by 573.8% to reach AED 126 million in the second quarter of 2017.
The company attributed the growth in losses to the execution of the restructuring plans that led to an operating loss of AED 26 million.
The firm’s accumulated losses amounted to AED 361.3 million by the end of H1-17.
At the level of the first six months of 2017, Marka’s losses increased by 316% to reach AED 154 million, compared to AED 37 million in the corresponding period in the year earlier.
