Gulf General Investment Company (GGICO) reported a full-year loss of almost Dh1 billion for last year, compared with a profit of Dh197 million in 2009, and is seeking to restructure its debts.
In addition, the Dubai conglomerate said in a statement to the Dubai stock exchange it had "closed or exited" five of its subsidiaries, which were losing money. The company attributed the earnings decline to a drop in the fair value of equities held and impairments on property.
GGICO's remaining 19 subsidiaries were "performing well and will be further focused for organic growth", the company said. "The company has put in place a financial framework for long-term sustainable growth and as part of that has appointed HSBC Bank Middle East as its financial adviser for restructuring debts due to banks," it said. It did not provide a value for the amount being restructured. GGICO mainly buys and sells property but also manufactures prefabricated houses and trades a wide range of products including lubricants and perfumes.
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