Dubai-listed firm Gulf General Investment Co. (GGICO) has postponed its planned capital reduction programme “until further notice”, the company said on Wednesday.

In a statement to the Dubai Financial Market, GGICO stated that the date for the execution of the capital reduction will be postponed to an unspecified date.

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“The execution date for the capital reduction will be postponed till a further notice,” the statement said.

“Accordingly, the new date for executing the company’s capital reduction will be disclosed as soon as we get further notification from the Securities & Commodities Authority,” it added.  

The news comes a week after the company announced that its restructure date would take place on Sunday, 15 July.

The capital reduction would see GGICO cut its capital to $160m (AED586.7m) from $487m (AED1.79bn).

The company received approval for its capital restructuring from its stakeholders in late April.