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The company will focus on its core assets with very low leverage, CEO said
30/09/2017 15:41 AST
Dubai-based Gulf General Investment Co. PSC (GGICO) announced that it has completed a Dh2.1 billion ($584 million) debt restructuring after obtaining agreement from the majority of its creditors.
Abdalla Juma Al Sari, Chairman of the company, believes this is a win-win deal both for GGICO and the creditors. "Driven by market conditions, we have obtained enough time until 2023 to dispose of our non-core assets in an organised and structured manner and to retire the debts. Subsequently, the company will focus on its core assets with very low leverage" Al Sari said.
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Dubai-based Gulf General Investment Company (GGICO) said it has completed a Dh2.1-billion ($584 million) debt restructuring after reaching an agreement with majority of its creditors.
Es
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