Dubai's Deyaar to write off losses via capital reduction | ZAWYA MENA Edition
Dubai-based real estate company Deyaar Development announced on Friday that its board of directors has approved a proposal to write off its accumulated losses by using the company’s legal reserve and through a capital reduction.
The proposal will be presented to the shareholders at the next general assembly meeting after obtaining the necessary regulatory approvals, the developer said in a statement to the Dubai Financial Market (DMF), where its shares trade.
The stock jumped 2.6 percent to 0.46 dirhams shortly after opening on Friday.
While the developer swung to a net profit of 50.8 million dirhams ($13.8 million) for 2021, its accumulated losses as of December 31 came to 1.70 billion dirhams, it said earlier this month. The company’s accumulated losses reached 1.75 billion dirhams in in 2020.
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