Deyaar Development Company’s general assembly approved reducing the company’s capital from 5.8 billion dirhams to 4.5 billion dirhams, in order to extinguish the accumulated losses of 1.53 billion dirhams. p>
According to the newspaper, the company said that the capital reduction will be 21.3% and an amount of 1.23 billion dirhams, by canceling 1231.8 million shares, and by extinguishing the rest of the accumulated losses using the legal reserve of 298.4 million dirhams.
The General Assembly also agreed, during its meeting held yesterday electronically, not to distribute dividends to shareholders for the year 2019.
Deyaar Development said last October that the amount of accumulated losses amounted to 1.5 billion dirhams, constituting 26.6%, and was the first company to which the decision to distinguish companies with accumulated losses was applied on the Dubai Financial Market trading screen.
