Tabarak Investment increases share in Dubai's Drake and Scull

Drake and Scull is planning a shareholder meeting for later this month
Tabarak Investment increases share in Dubai's Drake and Scull
By Bernd Debusmann Jr
Sun 16 Sep 2018 12:49 PM

Drake and Scull International (DSI) has announced that the ownership of Tabarak Investment – its largest shareholder – has risen from 13.26 percent to 13.73 percent of the contractor’s paid-up capital.

A bourse statement filed by DSI noted that “some of these shares are held in the name of Ajman Bank as a collateral against financial facilities.”

"Tabarak Investment retains its actual ownership rights as a beneficiary owner of the shares,” the statement added.

The statement comes just days after DSI noted that it will hold a shareholder meeting later in September, which it said "is a procedural step that needs to be taken and doesn't mean that there is an intent to dissolve the company prior to the expiry of its term."

The September 9 statement to the Dubai Financial Market added that DSI and its executive management "is exerting all its efforts and will continue to do so to safeguard the best interests of all its shareholders and to ensure the seamless operation of the company."

In July, DSI said it is continuing an investigation into violations by its previous management and declared them to UAE authorities. The company posted a second quarter net loss of $49.3 million.

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Last Updated: Sun 16 Sep 2018 01:12 PM GST

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