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Drake & Scull International (DSI), a regional market leader in engineering and construction services, has won regulatory approval to reduce its share capital by 75 per cent and also to list 500 million new shares.
The reduction of DSI’s share capital from Dh2.28 billion ($620 million) to Dh571 million ($155 million) will be effective from October 2, said the company in a filing to the Dubai Financial Market (DFM).
This announcement comes close on the heels of the shareholders' approval for its capital restructuring program at the second General Assembly meeting this month.
The top Dubai builder has also received regulatory approval for the subsequent capital increase through the issuance of 500 million new shares to Tabarak Investment. The new shares will be listed on the DFM on Sunday (October 1).
Upon completion of the listing of the new shares the share capital of DSI will increase from Dh571 million to Dh1.07 billion ($291 million), it added.
Private equity firm Tabarak Investment has increased its shareholding in Drake and Scull International, despite a drop in the Dubai contracting company's shares and ahead of a shareholder meeting lat
Drake & Scull International (DSI), a regional leader in engineering and construction services, has appointed Yousef Al Mulla as the new group CEO replacing Dr Fadi Feghali who will be assuming a new
Drake and Scull International (DSI) said on Monday that Tabarak Investment’s stake in it is at 13.26 per cent, and that Tabarak “will continue to be a strategic investor.”
DSI said in a sta
Aldar Properties said on Monday that its subsidiary Aldar Investment will commence a series of meetings to issue fixed-rate US dollar denominated sukuk with a tenor of five to 10 years.
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Oman Daily Observer
Bahrain-based Investcorp, a leading provider and manager of alternative investment products, has announced that its US-based real estate team had recently acquired its largest US warehouse portfolio,
Saudi Real Estate for Infrastructure Company (Binyah) has won a SR1.1-billion ($293 million) infrastructure contract from the kingdom's leading developer Al Akaria Saudi Real Estate (Sreco) for its g