Deyaar’s shareholders approve capital restructuring plan – The National

Deyaar’s shareholders approve capital restructuring plan – The National

Deyaar's shareholders approve capital restructuring plan. The company plans to reduce its capital to Dh4.55bn from Dh5.78bn. Shareholders of Deyaar Development approved the company's plan to restructure its capital, a move that will help it write off its accumulated losses and boost finances.. The company also secured an approval from UAE's Securities and Commodities Authority to reduce its capital from Dh5.78 billion to Dh4.55bn, Deyaar said in a statement to Dubai Financial Market, where its shares trade.. The capital restructuring plan will also see the cancellation of 21.3 per cent of the company's shares, a move that will be completed in accordance with the Commercial Companies Law, the Company's Article of Association, the rules and regulations of the SCA and all of the authorities' related regulations, it said.. Shareholders authorised Deyaar's chief executive or any members of the board of directors to undertake the necessary procedures to allow the company to complete its capital restructuring.. The developer expects the market to reflect the capital restructuring process by the end of May.. Net profit attributable to the owners of the company for the period ending December 31 dropped to Dh71.5 million and revenue fell 6.21 per cent to Dh603.7m.. Expenses rose