Dubai – Mubasher: The board of Deyaar Development has recommended to the shareholders not to proceed with the capital reduction during the upcoming ordinary general meeting (OGM).

This proposal was made after the board had reviewed and approved the 2020 financials including the losses resulted from the impairment provisions on assets amid the coronavirus (COVID-19) pandemic, according to a bourse filing on Sunday.

In 2020, the company has incurred net losses attributable to the owners of AED 216.923 million, against net profits of AED 71.537 million in 2019.

It is noteworthy to mention that in April, Deyaar's shareholders nodded to cut the company's issued share capital by AED 1.231 billion to AED 4.546 billion from AED 5.778 billion and write off a part of the accumulated losses of AED 1.530 billion as of 31 December 2019.