Abu Dhabi – Mubasher: Gulf Pharmaceutical Industries (Julphar) plans to decrease the share capital by AED 503.274 million by canceling a number of the company's shares.

With the capital reduction, Julphar seeks to write off accumulated losses shown in the financial statements for 2019, the company disclosed to the Abu Dhabi Securities Exchange (ADX) on Thursday.

The company's accumulated losses are driven by the suspension of exports to Saudi Arabia, Oman, and Kuwait.

Following the capital cut, the company will issue 500 million new shares at a price of AED 1 per share to increase the capital by a maximum of AED 500 million.