DSI to issue convertible sukuk in second quarter

29/03/2018 05:58 AST

Drake & Scull International (DSI), a regional engineering and construction service provider, said it is targeting to issue a sukuk convertible into equity in the second quarter of 2018.

The DSI board approved plans for the issuance of convertible sukuk with an indicative value of minimum Dh450 million or the equivalent in other currencies, as private placement or public issuance to be converted to shares over a maximum period of 5 years, at a price of Dh3 per share or at a discount of 25 per cent of the market price of the share, to be determined at the time of conversion, the company said in an emailed statement.

The sukuk issuance is subject to regulatory and shareholders’ approval at the company’s upcoming General Assembly meeting, which is scheduled to convene in April 2018.


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