Dubai’s Drake & Scull increases GCC share-ownership limit

Emiratis currently hold 51.02% of the Dubai Financial Market-listed firm, while Gulf nationals own 5.85%

PHOTO: Drake & Scull is listed on the Dubai Financial Market. Credit: Shutterstock

Drake & Scull has increased the limit for which GCC nationals can hold its shares to 100% from 49%, the Dubai-listed engineering and construction company has announced.

The move was effective from July 2, 2015, the contractor said in a statement.

A Reuters report said that UAE nationals currently hold 51.02% of Drake & Scull’s shares, while nationals from the rest of the GCC own 5.85%.

The news comes on the back of an announcement in June, which said that the contractor would embark on a series of fixed income investor meetings in the Middle East and Europe.

It had mandated Emirates NBD Capital and HSBC as joint global coordinators, while Al Hilal Bank, Emirates NBD Capital, HSBC and Standard Chartered Bank would act as joint lead managers to arrange a series of meetings in the Middle East and Europe, from June 4, 2015.

The construction giant added that an unrated USD Regulation S Senior Perpetual Sukuk could follow these meetings, should market conditions be favourable.

In the first quarter of 2015, Drake & Scull reported $299.48 million in revenues, and $7.5 million in net profit. As of March 31, 2015, the company closed its order backlog at $3.75 billion.

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