• Home
• /
• Local business

GGICO Records Net Profit of Dh590 Million

The Directors in their meeting held on January 7, 2009, have proposed the following:

1)35pc Bonus shares.

2) Issue of Mandatory convertible Bond of Dh500 million, 3) To convene the AGM on March 30, 2009.

“2008 was unusually challenging with the spreading of global crisis into the Middle East by the end of 3^rd quarter. Our diversification into core industrial and manufacturing sectors in over 30 subsidiaries helped us to withstand the crisis and come out with a remarkable result,” said Mohamed Abdalla Juma Al Sari, Managing Director of the company. “We added 12 companies during the year, six (6) of them through acquisition and another six (6) through Greenfield development. However, 2009 will be the year of consolidation in our core industrial and manufacturing activities and we do not have plans for new acquisition during this year,” added Al Sari.