Dubai – Mubasher: The board of Gulf General Investment Company (GGICO) has approved to proceed with the restructuring procedures for the company's capital.

This step includes the appointment of a financial advisor and legal advisor, according to the company's disclosure to the Dubai Financial Market (DFM) on Wednesday.

The financial advisor will study the company's economic and financial situation, including assets, liabilities, and cash flow, to reach an integrated financial plan.

It is noteworthy to mention that as of the second quarter (Q2) of 2021, the company incurred accumulated losses of AED 1.74 billion, representing 97.2% of the capital.