The general assembly of real estate company Deyaar has agreed to a capital reduction to write of AED 1.7 billion ($462 million) of accumulated losses.

The issued share capital will be reduced to AED 4.376 billion from AED 5.778 billion, the company said in a statement to Dubai Financial Market (DFM) following its general assembly.

The reduction will be done through cancelling shares worth AED 1.402 billion and legal reserves of AED 303 million, the company on a date to be decided.

The general assembly also voted to pay no dividend for the financial year ended December 31, 2021.

(Reporting by Imogen Lillywhite; editing by Seban Scaria)