Dubai – Mubasher: The board of directors of Abu Dhabi National Company for Building Materials (BILDCO) approved to issue a recommendation to extinguish the company’s accumulated losses through the legal reserve.
The board also approved the continuity of business and holding the shareholders meeting after obtaining the necessary approvals from the related authorities, according to a filing to the Abu Dhabi Securities Exchange (ADX) on Thursday.
BIDLCO’s losses fell 12.6% to reach AED 23.51 million in the first quarter of 2017, compared to AED 26.89 million in Q1-16.
The UAE firm’s losses deepened by 205.66% reaching AED 61.45 million in 2016, compared to AED 20.11 million in 2015.
