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United Arab emirates shipper Gulf Navigation said Wednesday it had cut its capital by two-thirds and written off accumulated losses worth 1.1 billion dirhams ($300 million), key parts of a turnaround plan designed to solve its debt problems.The company's capital has been reduced to 551 million dirhams from 1.66 billion dirhams, it said in a statement on the Dubai bourse, with the reverse stock split effectively creating one share for every three existing shares.Shares in Gulf Navigation slumped 7.9 percent to close at 0.69 dirham Wednesday, taking year-to-date losses to 42.5 percent.
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