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Gulf Cement Co's shareholders nod to 50% capital cut

Gulf Cement Co's shareholders nod to 50% capital cut
The capital reduction will be implemented by canceling 410.55m shares
Gulf Cement
GCEM
7.55% 0.84 0.06

Mubasher: The ordinary general meeting (OGM) of Gulf Cement Co.has approved a capital reduction by 50% to AED 410.55 million from AED 821.1 million to extinguish the accumulated losses as of 30 September 2020.

The capital reduction will be implemented by canceling 410.55 million shares equivalent to the amount of losses, according to the company's disclosure to the Abu Dhabi Securities Exchange (ADX) on Sunday.

It is noteworthy to mention that during the first nine months of 2020, the company recorded net losses of AED 268.13 million, up from AED 3.86 million in the year-ago period.