Naeem Holding's EGM approves capital cut by writing off treasury shares

Mubasher: The extraordinary general meeting (EGM) of Naeem Holding for Investment has unanimously approved the issued and paid-up capital reduction to $245.29 million from $264.499 million by writing off the treasury shares in the financial statements for 2020.

The treasury shares amounted to 27.442 million at a share nominal value of $0.70 per share, with a total value of $19.21 million, according to the company's disclosure to the Dubai Financial Market (DFM) on Thursday.

The number of the company's shares become 350.414 million.

It is noteworthy to mention that in 2020, the company incurred net losses of $1.38 million, down by 79.5% year-on-year (YoY) from $6.77 million.

Mubasher Contribution Time: 08-Apr-2021 07:17 (GMT)
Mubasher Last Update Time: 08-Apr-2021 07:17 (GMT)