Dubai – Mubasher: The shareholders of Deyaar Development have approved to cut the company's issued share capital by AED 1.231 billion to AED 4.546 billion from AED 5.778 billion, according to the company's disclosure to the Dubai Financial Market (DFM) on Thursday.
The reduction of capital will be achieved by writing off a part of the accumulated losses of AED 1.530 billion as of 31 December 2019 and cancelling a number of shares equivalent to the remaining amount of accumulated losses of AED 1.231 billion.
During the ordinary general meeting (OGM), the shareholders have also approved the board's proposal for not distributing cash dividends for fiscal year 2019.
It is noteworthy to highlight that in 2019, the company's net profits reached AED 71.537 million, compared to AED 140.147 million in 2018.
