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Thu 29 Jan 2009 08:26 AM

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Drake & Scull prepares for DFM listing

Key appointments made at MEP giant as firm gears up for life as public company.

Drake & Scull International (DSI) announced on Thursday that it has made key appointments in preparation for its listing on Dubai Financial Market.

The company, one of the UAE's largest mechanical, electrical and plumbing (MEP) contractors, said four industry leaders have been recruited to lead the company into the future as a public company.

The company gave no date for listing on the DFM but it is understood to be imminent.

A spokesman told Arabian Business in Dec that the firm had met with representatives from Emirates Securities and Commodities Authority (ESCA) and DFM after the firm filed the required documents for the IPO process.

DSI’s IPO, which was 101 times oversubscribed, attracted around 45,600 applicants who invested funds of approximately AED1.2 billion.

DSI will be the first specialist MEP contracting company to list on the DFM.

CEO and vice chairman Khaldoun Tabari said: “DSI is one of the strongest MEP companies in the UAE. It is therefore vital that as a soon to be publicly listed company we have the best officers to lead it to help us achieve our growth strategy.

"I am confident that with their breadth of experience and depth of knowledge we are superbly placed to take full advantage of the many opportunities the listing offers."

The new team consists of Charles Lever as general manager and director of MEP, Michael Salmon as chief commercial officer, Zeina Tabari as chief corporate affairs officer and Kamil Daniel as chief investment officer.

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