Drake & Scull International finalises restructuring
Subscription for new capital exceeds expectations by 150%, with shares due to resume trading on 20 May
Drake & Scull International (DSI) has announced the closing of the subscription for new capital, with proceeds exceeding US $122mn through the distribution of 2.8bn shares.
The company said the subscription was open only to current shareholders from 25 April to 10 May, at a discounted rate of 25 fils per share.
The process, which received an overwhelming response from shareholders, exceeded by 150% the minimum required to complete the restructuring process. Thanks to this solid response, DSI’s new capital will amount to $789.4mn, the firm said.
The Dubai contractor’s shares will resume trading on the Dubai Financial Market on 20 May, after completing the procedures required by the regulatory and supervisory authorities.
DSI Chairman, Shafiq Abdelhamid, commented that the company was determined to recapture its prominent position in the construction industry. “This resolve is especially fuelled by the remarkable expansion witnessed in the regional real estate market, particularly in the UAE,” he concluded.
