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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's shares jumped after the Dubai contractor said a majority of shareholders voted for continuing the company's operations during a general assembly last week.
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