GGICO postpones capital reduction

GGICO postpones capital reduction
GGICO received approval for its capital restructuring in April.
Published: 11 July 2018 - 2:18 a.m.
By: Jumana Abdel-Razzaq

Dubai-listed firm Gulf General Investment Co. (GGICO) has postponed its planned capital reduction programme “until further notice”, the company said on Wednesday.

In a statement to the Dubai Financial Market, GGICO stated that the date for the execution of the capital reduction will be postponed to an unspecified date.

“The execution date for the capital reduction will be postponed till a further notice,” the statement said.

“Accordingly, the new date for executing the company’s capital reduction will be disclosed as soon as we get further notification from the Securities & Commodities Authority,” it added.  

The news comes a week after the company announced that its restructure date would take place on Sunday, 15 July.

The capital reduction would see GGICO cut its capital to $160m (AED586.7m) from $487m (AED1.79bn).

The company received approval for its capital restructuring from its stakeholders in late April.

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