Mubasher: The Abu Dhabi Securities Exchange (ADX) has announced a 50% capital cut for Gulf Cement Co. in the Clearing, Settlement, Depository, and Registry Services Department (CSD).
This reduction will be reflected in the shareholders' portfolio accounts, as of the closing of Wednesday, 30 December 2020, according to a press release on Thursday.
It is noteworthy to mention that on Tuesday, 29 December, the company obtained the approval of the Securities and Commodities Authority (SCA) in the UAE to cut its issued capital to AED 410.55 million from AED 821.1 million to extinguish the company's accumulated losses.
