Gulf General Drops Most in 6 Weeks After $133 Million Default

Gulf General Investment Co. (GGICO) retreated the most in more than six weeks after the Dubai-based investment company defaulted on 489.2 million dirhams ($133 million) of bank loans as of March 31 amid debt restructuring.

The shares dropped 7.4 percent, the most since April 10, to 32.7 fils at 1 p.m. in Dubai.

To contact the reporter on this story: Zahra Hankir in Dubai at zhankir@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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