Dubai-based construction company Drake & Scull International (DSI) has received approval from the Dubai Financial Market to reinstate its shares.
The move comes after the company successfully increased its share capital by at least AED300 million, in accordance with the court-approved restructuring plan.
Dubai Financial Market trading resumption
“We are delighted with this great progress during this important phase of bringing the company back stronger. This progress wouldn’t have been achieved without the support of Dubai Financial Market, Securities and Commodities Authority and the different government entities as well as the efforts of the board of directors along with the efforts of the company executives,” Shafiq Abdelhamid, Chairman of Drake & Scull said.
The Securities and Commodities Authority has also given its approval for the General Assembly meeting, which is scheduled to take place on Wednesday, March 27, 2024.
The agenda for the meeting includes discussions on both the increase of the company’s share capital and the resumption of trading for the company’s shares on the Dubai Financial Market.
Abdelhamid emphasised on the importance of shareholder participation in the General Assembly meeting, urging them to cast their votes regarding the increase in Drake & Scull International’s share capital and the resumption of trading of the company’s shares.
He highlighted the significance of shareholders’ strong subscription in the new additional share capital increase, which is a crucial step towards the success of the restructuring plan and the substantial reduction of the company’s debt by 90 percent.
The agenda for the meeting also includes other strategic topics related to the company’s future plans and growth.
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