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Mon 14 Jul 2014 01:51 PM

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Dubai's Drake gets shareholder nod for strategic investor plan

Construction firm approves plan to issue convertible bond to allow unnamed investor to buy into company

Dubai's Drake gets shareholder nod for strategic investor plan

Dubai construction firm Drake & Scull said on Monday that its shareholders had approved issuing a convertible bond worth AED55 million ($15 million) to allow a strategic investor to buy into the company.

The identity of the investor was not disclosed in the bourse filing, which said the meeting took place on Sunday and also granted permission for the board to negotiate the terms of the convertible bond issue.