Drake & Scull dominates busy day of trading on DFM

Company confirms Tabari stake is purchased by Tabarak Investment

Shares of Dubai-based contractor Drake & Scull International (DSI) dominated a busy trading session on the Dubai Financial Market (DFM) on Tuesday.

Its shares closed 0.5 percent lower at AED0.43 yesterday, but number of shared traded crossed more than half of the total volume traded on the stock exchange, with overall trading 60 percent above the daily average in the past six months.

Last week, former Drake & Scull vice-chairman Khaldoun Tabari sold his stake in the company to Tabarak Investment, making the firm the biggest single shareholder in the company. The company confirmed the news in a notice to the DFM on Tuesday.

On Tuesday, it named Feras Kalthoum as its new acting chief financial officer to assist with its capital restructuring and ongoing negotiations with its lenders.

The DFM general index ended 0.4 percent up at 3,441.85, with trading volumes soaring 60 percent above the daily average in the past six months.

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