Shuaa Capital, the region’s leading financial services institution, announced that all its key resolutions, including a proposal to set off accumulated losses against excess statutory reserves, have been approved by its shareholders.

The company said it had put forward several major resolutions before the shareholders at its annual general meeting held on Sunday in Dubai.

The AGM adopted the board of directors Report along with the consolidated financial statements and the auditors’ report for the year ended December 31, 2009,  the company said in a statement.

"In a major move the investors also certified a proposal to set off accumulated losses against excess statutory reserves. Shuaa had already obtained the approval of the Securities and Commodities Authority to carry out this adjustment," it added.

Shuaa said, "This action is only an adjustment within the equity account and will have no effect at all on the aggregated shareholders’ equity or balance sheet, or the issued share capital of the company, which will remain 1,065,000,000 shares."

Importantly, it will enable Shuaa to pay dividends to shareholders in the future should it chose to do so, the company stated.

Finally, the AGM endorsed the Board members appointed to the Board since the last AGM and approved appointment of auditors for 2010, the company statement said.-TradeArabia News Service