Drake and Scull waits for $272mn IPO approval

AWAITING APPROVAL: Dubai-based contracting firm Drake and Scull said it is waiting for approval on its planned initial public offering. (Getty Images)

Dubai-based contracting firm Drake and Scull, which aims to raise at least 1 billion dirhams ($272.3 million) in an initial public offering, is still awaiting the regulator's green light, a spokesperson said on Monday.

The firm, which operates in the Gulf, Egypt and Jordan, had been planning to list by the second quarter of this year, Executive Director Khaldoun Tabari said in February.

"[We] are still awaiting approvals from the Emirates Securities and Commodities Authority," the spokesperson said.

"There is no timeframe yet."

The firm plans to sell a 55 percent stake and list on the Dubai Financial Market. A company official told Reuters in June the IPO would take place that month.

HSBC Holdings Plc and Dubai-based Al Mal Capital are advising on the sale. (Reuters)

Print | Email | Discuss this article |

USER COMMENTS (0 COMMENTS)

POST A COMMENT

CLICK HERE TO POST A COMMENT

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Security Code *
Please click post only once - your comment will not be published immediately.