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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.
Drake & Scull International, a regional leader in engineering and construction services, has achieved an overall net profit of Dh7 million ($1.9 million) for the first quarter, compared to the net lo
Shares of the Drake & Scull International on Wednesday slumped more than 9.4 per cent as investors continued to sell the stock after shareholders' proposal to raise capital through a convertible debt
Shareholders of Drake and Scull International (DSI) submitted a request to increase the company’s capital by Dh500 million by issuing new shares with a minimum value of Dh1.25 per share.
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