Dubai: Marka on Wednesday announced that its shareholders approved a board recommendation to reduce capital by AED 450 million.

Following the reduction, the company will increase its capital by up to AED 250 million "with an option of AED 150 million to be offered to a strategic investor proposed by the board," Marka said in a statement to the Dubai Financial Market (DFM).

It added that the remaining AED 100 million would be offered to the company's shareholders for subscription.

In the same statement, Marka said its upcoming general assembly will be held on 4 November 2018 subject approval by the Securities and Commodities Authority (SCA).

Marka last reported AED 19.98 million in losses in the first six months of 2018, down from AED 153.89 million in the year-ago period.

Source: Mubasher

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