Deyaar Development : announces the resolutions of its annual general assembly meeting

Deyaar announces the resolutions of its annual general assembly meeting

28 April 2022

Deyaar Development PJSC ("Deyaar"), one of Dubai's leading property developers and real estate service providers, today announced the resolutions of the annual general assembly meeting, held on Wednesday 27 April 2022.

The shareholders approved via special resolution, the Board of Directors proposal to write off the accumulated losses through company's legal reserve and cancellation of shares equal to the remaining losses. The proposed date to execute the reduction is 6 June this year, subject to the completion of the procedures and approvals from the relevant authorities as per the applicable rules and regulations.

Under this resolution, the company will reduce the capital from AED 5.78 billion to AED 4.38 billion, which is a reduction of AED 1.4 billion. The accumulated losses amounting AED 1.7 billion as of 31 December 2021 will be written off using the legal reserve amounting AED 303.4 million and cancellation of shares equal the remaining accumulated losses amounting AED 1.4 billion. The company will take into consideration the shareholders with small holdings, so that the reduction of the capital does not result in denying any shareholder of his shareholding in the company.

By execution of this resolution, the company will write off all accumulated losses in the company's financial statements without impacting its financial position, which increases company's attractiveness to investors and the possibility of obtaining funds for its future projects, which will reflect positively on the share price in the Dubai Financial Market.

During the meeting, all the items included in the agenda were approved, including the Board of Directors' report on the company's activity and financial position, the auditor's report, the company's balance sheet and profit and loss account for the year ending on December 31, 2021. This is in addition to the election of the Board members for the next three years.

Listed on the Dubai Financial Market and majority-owned by Dubai Islamic Bank (DIB), Deyaar is one of Dubai's leading developers, with real estate ventures spanning key growth corridors and prime locations within the emirate. Over the years, Deyaar has delivered an extensive portfolio of commercial and residential properties, all offering the highest levels of service and quality.