UAE’s Eshraq Properties approves cross listing on Tadawul

The shareholders of Abu Dhabi Securities Exchange-listed Eshraq Properties Co. approved cross-listing of the company’s shares on the Saudi Stock Exchange (Tadawul), the company said in a bourse statement.

Shareholders also authorized Eshraq’s board of directors for 3 years to take all the relevant measures in this regard, the statement added.

The company’s general meeting also rejected unanimously a board proposal to decrease capital by 42% from AED 2.33 billion to AED 1.3 billion to offset the accumulated losses.

The company said last week it can offset its accumulated losses through its annual profit, ruling out the need for a capital reduction.