Dubai – Mubasher: Gulf General Investment Company’s (GGICO) general assembly has approved the continuity of the company’s operations during a meeting held on Monday.
The resolution comes along with the requirements of the article (302) of the UAE Federal law (2) of 2015, according to a filing to the Dubai Financial Market (DFM) on Tuesday.
The assembly has also approved the procedures regarding the treatment of the accumulated losses, which include a capital reduction to AED 350 million instead of AED 1.8 billion through the cancellation of an equivalent number of the company’s shares.
Moreover, GGICO’s assembly has delegated the company’s board to take all procedures they find necessary to liquidate the company’s assets to repay the debt of the company to banks, the statement added.
The assembly has also agreed on suspending the company’s shares from trading on the DFM subject to the Securities and Commodities Authority’s (SCA) approval.
