Abu Dhabi – Mubasher: Eshraq Investments has acquired a 99.25% stake in Goldilocks Investment Company’s shares, according to a recent bourse filing.
Eshraq Investments issued 1.38 billion shares at a nominal value of AED 1 per share registered in the name of the new shareholders in exchange for their shares in the holding pursuant.
Following the takeover transactions, the UAE-based listed firm reduced its capital to AED 1.43 billion from AED 2.32 billion and recouped all the accumulated losses. Meanwhile, the issued capital is currently valued at AED 2.82 billion, while the total assets surpassed AED 3.80 billion.
In the first half (H1) of 2022, the ADX-listed company posted a 59% year-on-year (YoY) drop in its consolidated net profit to AED 7.28 million, compared to AED 17.95 million.
Furthermore, the accumulated losses amounted to AED 1.03 billion as of H1-22, representing 44% of the AED 2.32 billion capital.