Shareholders of Gulf Pharmaceutical Industries, one of the biggest generic drug manufacturers in the Middle East and North Africa, approved the company's plan to restructure its capital through a rights issue.
The plan aims to “strengthen the company’s capital position and improve its debt profile”, the company said in a statement on Sunday. The capital restructuring involves first reducing the company's share capital by just over Dh503m by cancelling shares to extinguish accumulated losses, and then raising up to Dh500 million through the issuance of new shares with a nominal value of Dh1.
The board of the troubled drug maker in January recommended the plan to the shareholders. The capital restructuring is subject to the approval of the UAE’s market regulator, the Securities and Commodities Authority.
Last year the company had to recall several of its products from cough syrups to mouthwash and its operations were adversely affected by a temporary suspension of the export of its products to Saudi Arabia, Kuwait and Oman.
The Ras Al Khaimah-based firm has also replaced several of its top executives including its chief executive and appointed new board members as financial stress mounted on the firm.
Following "comprehensive changes" to the board and its management team, Julphar is now looking to re-enter Saudi Arabia and Kuwait, expand its product portfolio and increase investment in its quality control systems. The firm is also implementing a cost optimisation initiative with a view to "returning to profitability and rebuilding its leading market position", it said.
"The capital restructuring will mark a milestone in the transformation that is underway at Julphar, which has a clear objective to restore our position as a leading regional pharmaceutical company within three years," said Essam Farouk, who was appointed chief executive in April.
Mr Farouk replaced Jerome Carle, who stepped down as chief executive in September.
"The recent relaunch of over 80 of our products in Oman demonstrates our commitment to serving all markets in the region," Mr Farouk said. "In the months to come, we will hold course and continue to upgrade our quality control framework as part of a large-scale review of our operating procedures and cost structure."
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Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
Andor
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Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
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GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
The specs
Engine: 2.3-litre, turbo four-cylinder
Transmission: 10-speed auto
Power: 300hp
Torque: 420Nm
Price: Dh189,900
On sale: now
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