GGICO obtains regulatory approval for capital reduction

The regulatory go-ahead will see the company cut its capital to $160m from $487m on July 15

  

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.

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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