Dubai-listed Gulf General Investment Company (GGICO) completed a Dh2.1 billion debt restructuring deal, the company said on Friday.
"Driven by market conditions, we have obtained enough time until 2023 to dispose of our non-core assets in an organized and structured manner and to retire the debts," said Abdalla Al Sari, company chairman.
He said that GGICO will focus on its core assets with very low leverage.
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The company's portfolio includes a wide variety of sectors from property to oil lubricants. GGICO is also the developer onboard Dubai Sports City, a 50-million square foot community, that targeted middle-income families.
This isn't the first restructuring the company has undergone, previously renegotiating Dh2.9bn in financial commitments in 2012. However, the latest economic downturn hinging on the low oil prices have pushed GGICO to revisit debt restructuring last year.
Losses widened for the company in the second quarter to Dh41 million compared to losses of Dh21.6m the same period last year while revenues halved to Dh111.3 in the three months to June.
The company has also lost speed with shares averaging, to 36.7 fils for September compared to 52.5 fils for the same month last year, according to Bloomberg data.
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Tips for entertaining with ease
· Set the table the night before. It’s a small job but it will make you feel more organised once done.
· As the host, your mood sets the tone. If people arrive to find you red-faced and harried, they’re not going to relax until you do. Take a deep breath and try to exude calm energy.
· Guests tend to turn up thirsty. Fill a big jug with iced water and lemon or lime slices and encourage people to help themselves.
· Have some background music on to help create a bit of ambience and fill any initial lulls in conversations.
· The meal certainly doesn’t need to be ready the moment your guests step through the door, but if there’s a nibble or two that can be passed around it will ward off hunger pangs and buy you a bit more time in the kitchen.
· You absolutely don’t have to make every element of the brunch from scratch. Take inspiration from our ideas for ready-made extras and by all means pick up a store-bought dessert.
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