Julphar shareholders approve restructuring plan through rights issue – The National

Julphar shareholders approve restructuring plan through rights issue – The National

Julphar shareholders approve restructuring plan through rights issue. The troubled drug maker now aims to re-enter Saudi Arabia and Kuwait. Shareholders of Gulf Pharmaceutical Industries, one of the biggest generic drug manufacturers in the Middle East and North Africa, approved the company's plan to restructure its capital through a rights issue.. The capital restructuring involves first reducing the company's share capital by just over Dh503m by cancelling shares to extinguish accumulated losses, and then raising up to Dh500 million through the issuance of new shares with a nominal value of Dh1.. The board of the troubled drug maker in January recommended the plan to the shareholders.. Last year the company had to recall several of its products from cough syrups to mouthwash and its operations were adversely affected by a temporary suspension of the export of its products to Saudi Arabia, Kuwait and Oman.. The Ras Al Khaimah-based firm has also replaced several of its top executives including its chief executive and appointed new board members as financial stress mounted on the firm.. "The capital restructuring will mark a milestone in the transformation that is underway at Julphar, which has a clear objective to restore our position as a leading