Construction

Drake & Scull gets OK for capital reduction, listing new shares

Company confirms dates for its 75% capital reduction and the listing of the 500 million new shares

The Dubai-listed Drake & Scull International (DSI), says it has obtained regulatory approval for a reduction of its share capital and issuance of new shares to Tabarak Investment.

The move is part of a capital restructuring program agreed by shareholders at the company’s general assembly, according to a statement to the Dubai Financial Market.

“Regulatory approval has been obtained today and the designated date for the reduction of DSI’s share capital from AED 2.28 billion to AED 571 million is Monday 2 October 2017,” it said.

“The Entitlement Date (the last day of trading before restatement) will be Sunday 1 October
2017. The Ex-Date when the number of shares is reduced and the share price restated (prior to
the commencement of trading) will be Monday 2 October 2017 (or the first day of trading after
the Entitlement Date).

“The regulatory approval for the subsequent Capital Increase through the issuance of 500 million new shares to Tabarak Investment LLC has also been obtained. The 500 million new shares will be listed on the Dubai Financial Market on Sunday 1 October 2017 (after trading hours). Upon completion of the listing of the new shares the Share Capital of the Company will increase from AED 571 million to AED 1.07 billion.”

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