Tabarak injects $136 million into Drake & Scull International as part of capital increase
Drake & Scull International (DSI) has issued a statement announcing that it has successfully completed its capital restructuring programme.
The programme began at the start of the fiscal year and was designed to enhance operational efficiency and improve the financial position of the firm.
Earlier in the year, Tabarak Investment became a strategic investor in the company, which the company says has enabled its new leadership to better focus on core competences in the MEP sector. Tabarak also recently injected $136m into the engineering and construction services firm.
“Completing DSI’s recapitalisation program is a significant milestone for the company. It reaffirms the dedication and the commitment of the new … board of directors in taking the necessary decisions that safeguard the interest of our shareholders, and sets a solid foundation for the group to press ahead with key strategic initiatives to regain business momentum,” said Engineer Abdulla Atatreh, chairman of Drake & Scull International PJSC.
The company says that the completion of the programme is pivotal to rebalancing its capital structure and improving liquidity, while the capital injection is expected to help the firm secure new project awards and diversify its income stream.
“The Securities and Commodities Authority and the Dubai Financial Market played a key role in supporting the execution of the capital restructuring program, while exhibiting the highest standards of professionalism. Furthermore, Tabarak Investment will continue to support the company financially and strategically. Lastly, with the successful completion of the capital restructuring program, the share capital of the company stands at $291m and the total equity of the group increased by $136m,” Atatreh explained.