Deyaar Development Company is completing the procedures for obtaining the final approval, in order to reduce its capital from the Securities and Commodities Authority and the relevant authorities.
According to Arabiya Net, the company clarified in a statement that the activation of the decision to reduce its capital will take place on Monday, June 13, after trading hours.
Last April, the company’s general assembly approved reducing the company’s capital from 5778 million dirhams to 4,375.84 million dirhams to extinguish the accumulated losses, by canceling approximately 1402.2 million shares. The general assembly also agreed to extinguish the accumulated losses using the legal reserve of 303.4 million dirhams. On December 31, 2021.
