Dubai-Mubasher: Shuaa Capital said shareholders on Wednesday gave the go-ahead for offsetting the accumulated losses from legal reserve by AED 200.86 million ($54.68 million), according to a bourse statement.
Shareholders also endorsed balance sheet and profit/loss statement for the fiscal year ended 31 December 2015.
The company posted net losses of AED 190.3 million ($51.81 million) for 2015, against earnings of AED 25.8 million ($7.02 million) a year earlier.
Accumulated losses reached nearly 20% of capital at the end of 2015.
The stock closed Wednesday 2.4% lower at AED 0.45.
