UAE pharma firm Julphar announces capital restructuring - Arabianbusiness:
Julphar, one of the largest pharmaceutical manufacturers in the Middle East and Africa, has approved capital restructuring at the company’s annual general assembly (AGM).
Under the plan, the Ras Al Khaimah-based company is looking to reduce its share capital by just over AED503m by cancelling shares to extinguish accumulated losses and raising AED500m through new shares issued, with a nominal value of AED1.
Dr. Essam Farouk, who was appointed chief executive officer at Julphar in April last year, said: “The capital restructuring will mark a milestone in the transformation that is underway at Julphar, which has the clear objective to restore our position as a leading regional pharmaceutical company within three years.”
Julphar employs more than 3,500 people and distributes pharmaceutical products to more than 50 countries on five continents
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