Dubai – Mubasher: Gulf General Investment Company’s (GGICO) ordinary general meeting (OGM) has approved a resolution in favour of the continuation of the firm's business.

The OGM also approved a plan and procedures addressing the accumulated losses including a recommendation to reduce GGICO’s capital to AED 587 million from AED 1.791 billion, according to a bourse statement released on Wednesday.

The Dubai-listed company posted a net loss of AED 100.2 million in the fourth quarter of 2017.