Dubai, UAE
Drake & Scull International PSJC (DSI), once a leading Dubai-based regional civil engineering and Mechanical, Electrical and Plumbing (MEP) contractor that went through a challenging period owing to Dh5 billion debt, announced today that Dubai Financial Market has approved the reinstatement of the company’s shares. This follows the pre requisite step of increasing the company share capital by no less than Dh300 million, as outlined in the court-approved restructuring plan.
The company had earlier filed a case with Dubai Courts for restructuring debts and management under the UAE Bankruptcy Law for a possible turnaround.
Shafiq Abdelhamid, Chairman of Drake & Scull, made the announcement and added that the market regulator Securities and Commodities Authority (SCA) has also approved the General Assembly meeting agenda which both the increase of the company’s share capital and the resumption of trading for the company’s shares on the Dubai Financial Market. The meeting is scheduled to take place on Wednesday 27 March 2024.
“We are delighted with this great progress during this important phase of bringing the company back stronger. This progress wouldn’t have been achieved without the support of Dubai Financial Market, Securities and Commodities Authority and the different government entities as well as the efforts of the board of directors along with the efforts of the company executives,” he said.
Abdelhamid added he was grateful for the shareholders’ patience during the previous period. He emphasised the importance of shareholders attending the General Assembly meeting and casting their votes regarding the increase in Drake & Scull International PJSC’s share capital and on the resumption of trading of the company’s shares on the Dubai Financial Market.
He stressed the importance of shareholder’s strong subscription in the new additional share capital increase which is a key step to the success of the restructuring plan that enabled the writing-off 90 percent of the company debt. The agenda extends also to other strategic topics related to the company’s future plans and growth.
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