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Accumulated losses of Dubai-based developer Gulf General Investment Co. (GGICO) have crossed 1.788 billion dirhams ($486.8 million), which is 99.81 percent of the share capital, a disclosure to the Dubai Financial Market (DFM) showed Thursday.
The company is in negotiation with creditors and discussing potential exit from some of its non-profitable investments to address the losses, which were incurred from finance cost, disposal of some assets and decline in operations of some subsidiaries, the statement said.
(Writing by Cleofe Maceda; editing by Daniel Luiz)
