DSI initiates 75 per cent capital reduction

19/06/2017 01:43 AST

A leading Middle East regional engineering and services leader, Drake & Scull International (DSI) on Sunday disclosed that the initial projected timeline of the capital restructiong programme has been deferred by a period of one month.

The firm now expects to complete the exercise by the end of the third quarter of this year. At the same time the company has advanced with the capital restructuring programme and proceeds with the final preparations to initiate the 75 per cent capital reduction, according to the CEO Wael Allan.

Despite the short-term challenges, the company is well position to benefit from its leadership position in the MEP sector and to secure profeitalbe projects in the UAE market in the near future," added the CEO.

Drake &Scull also announced during the well-attended press conference in Dubai, that Tabarak Investments has acquired the majority shares of former CEO, Khaldoun Tabari.

The transaction therefore reaffirms the commitment of Tabarak Investment to the DSI brand and the promising outlook of the company upon completion of the capital restructing progam which was approved by the shareholders a the AGM held on May 4th this year.

Ahmed Kilani, Tabarak Investment CEO, stated that the acquisition of Tabari's shares is a voice of confidence in the DSI brand and the longstanding track record of the company particularly in the MEP sector in the UAE.


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