Dubai – Mubasher: The board of Deyaar Development has recommended a cut of the issued capital to AED 4.37 billion from AED 5.77 billion.

The capital will be distributed over 4.37 billion shares at AED 1 per share, according to a bourse filing on Wednesday.

The capital will be reduced by partially writing off the accumulated losses worth AED 1.70 billion as of 31 December 2021 and cancelling a number of shares, alongside the legal reserves amounting to AED 303.43 million.