Gulf Cement Co approves capital reduction

The ordinary general meeting of UAE-based Gulf Cement Co has approved a 50 per cent capital reduction to AED410.55m (US$111.79m) from AED821.1m, as a result of the company’s accumulated losses as of 30 September 2020.

The company will therefore cancel 410.55m shares, equivalent to the amount of losses, according to the company's disclosure to the Abu Dhabi Securities Exchange (ADX) on Sunday.