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The board of Dubai-based investment company Gulf General Investments Company PSC (GGICO) is to discuss the continuity of the company after accumulated losses reached AED 1.837 billion ($500 million).
In a bourse filing today, the Dubai Financial Market (DFM) listed company said accumulated losses to capital ratio is now 102.56%.
The statement said the company had entered into bilateral negotiations with major creditors and that it was carrying out certain real estate development activities in view of the recent buoyancy in the real estate sector.
GGICO’s financial results, published to DFM last week, showed a Q3 loss of AED 15.5 million, compared to a loss of AED 24 million in Q3 2021.
Revenue for the quarter was AED 111 million, up from AED 75 million in Q3 2021.
Earlier this year, Al Sagr National Insurance Company (ASNIC) said its major shareholder is considering selling its stake in the company. GGICO was listed as a owning a 47.08% share in ASNIC’s corporate governance report.
(Reporting by Imogen Lillywhite; editing by Seban Scaria)
