Dubai – Mubasher: The ordinary general meeting (OGM) of Deyaar Development has approved a decrease in the issued share capital to AED 4.37 billion from AED 5.77 billion.

The company will reduce its capital by partially writing off the accumulated losses of AED 1.70 billion as of 31 December 2021 and through legal reserves valued at AED 303.43 million, according to a bourse filing on Thursday.

The real estate developer will also cancel a number of shares equivalent to the remaining amount of accumulated losses of AED 1.40 billion.