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GGICO obtains regulatory approval for capital reduction

Gulf General Investment Co. (GGICO), a Dubai-listed investment firm, has obtained regulatory approval for its capital restructuring programme 

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

Gulf General Investment Co. (GGICO), a Dubai-listed investment firm, has obtained regulatory approval for its capital restructuring programme. 

The regulatory go-ahead will see the company cut its capital to $160m (AED586.7m) from $487m (AED1.79bn) on July 15, GGICO said in a statement to the Dubai Financial Market on Tuesday.

READ: GGICO to start hand over of Topaz Residences by year end

The company received approval for its capital restructuring from its stakeholders in late April, the statement added.

The last day of trading before restatement will be Thursday July 12, with the number of tradable shares set to be reduced the following Sunday.

 

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