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Wed 4 Oct 2017 01:46 PM

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Dubai's Drake & Scull says capital restructuring completed

Contractor Drake & Scull International also welcomes $136m investment by Tabarak

Dubai's Drake & Scull says capital restructuring completed

Drake & Scull International (DSI) has announced that it has successfully completed its capital restructuring program which started at the beginning of the fiscal year.

The company also welcomed a AED500 million ($136.1 million) investment by Tabarak Investment which will enable DSI’s new leadership to move forward with its operational plans.

DSI said it plans to focus on further enhancing its core competencies in the mechanical, electrical and plumbing (MEP) sector to steer the company to recovery and sustainable growth.

A statement said that with the successful completion of the capital restructuring program, the share capital of the company stands at AED1.07 billion and the total equity of the group increased by AED500 million.

Abdulla Atatreh, chairman of Drake & Scull International, said: “Completing DSI’s recapitalisation program is a significant milestone for the company and reaffirms the dedication and the commitment of the new of board of directors in taking the necessary decisions that safeguard the interest of our shareholders and sets a solid foundation for the group to press ahead with key strategic initiatives to regain business momentum.”

“We are confident that this achievement will pave the way for the company’s newly-appointed leadership to map a clearer direction and position DSI to proactively seize regional opportunities in the MEP sector,” he added.

The statement said that Tabarak Investment will continue to support the company financially and strategically.

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