GGICO obtains regulatory nod for capital reduction

Dubai: Gulf General Investment Co. (GGICO), a Dubai-listed investment firm, said it has obtained regulatory approval for its capital restructuring programme.

The regulatory nod follows approval from shareholders in late April, and will see the company cut its capital to Dh586.7 million from Dh1.79 billion on July 15.

The last day of trading before shares are restated will be Thursday, July 12, with the number of tradable shares set to be reduced the following Sunday.