Search DubaiPRNetwork.com

Home >> Real Estate & Retail

Tabarak Investment Injects AED 500 Million in Drake & Scull International as part of the Capital Increase

Wednesday, October 4, 2017/ Editor -  

Share

Home >> Real Estate & Retail

UAE, October 4, 2017 - Drake & Scull International PJSC (DSI), a regional market leader in engineering and construction services, announced today that it has successfully completed its capital restructuring program which started at the beginning of the fiscal year as part of its efforts to improve the financial position of the company and enhance operational efficiency.

The completion of the program and the entry of Tabarak Investment as a Strategic Investor will enable the company’s new leadership to move forward with its operational plans and focus on further enhancing its core competencies in the mechanical, electrical and plumbing (MEP) sector to steer the company to recovery and sustainable growth.

Engineer Abdulla Atatreh, Chairman of Drake & Scull International PJSC, said: “Completing DSI’s recapitalization 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 completion of the program is a fundamental phase in rebalancing our capital structure and improving our liquidity and the new capital injection will be used to improve operations and accelerate projects execution, in addition to securing new project awards and pursuing opportunities to diversify our income and reinforce shareholders confidence.”

“The Securities and Commodities Authority and the Dubai Financial Market played a key role in supporting the execution of the capital restructuring program while exhibiting the highest standards of professionalism. Furthermore, Tabarak Investment will continue to support the company financially and strategically. Lastly, with the successful completion of the capital restructuring program, the share capital of the company stands at AED 1.07 billion and the total equity of the group increased by AED 500 million.” Atatreh concluded.


Previous in Real Estate & Retail

Next in Real Estate & Retail


Home >> Real Estate & Retail Section

Latest Press Release

Mubadala illuminates IPIC Square and Abu Dhabi Global Market

Ericsson, Telstra and Intel achieve first end-to-end multi-vendor 5G commercial ...

Etisalat iconic buildings light up in red to celebrate Special Olympics' 50th an ...

Dubai Culture Participates in ‘UAE China Week 2018'

Roger Dubuis and Lamborghini Squadra Corse thrill visitors with enthralling Harr ...

Etihad Aviation Group Sign Major Agreement With Jiangsu Provincial Overseas Coop ...

UAE Team Emirates' Alexander Kristoff Narrowly Misses Out on a Stage Win in a Ti ...

Mimecast Opens Early Adopter Program for New Web Security Service

Etihad Airways Celebrates President Xi Jinping's Visit With a Series of Cultural ...

Aster Hospital, Mankhool opens state-of-art Cath lab with advanced Cardiovascula ...

Finnair launches best in market in-flight internet service on European flights; ...

Huawei CBG Continues to Drive the Global Innovation Agenda

Rashid Hospital doctors save life of elderly patient by performing first-of-its- ...

The wide-awake, doe-eyed look

Dubai's first industrial and commercial REIT launches Manrre set to Raise AED 33 ...

The Factors that Trigger Infertility are Common in Men & Women

Shop & Win this Weekend with Unbeatable ‘Unbox the Amazing' Deals and Promotions ...

Hyperloop Transportation Technologies to Build China's First Hyperloop System

Currency Swaps Through Renminbi Clearing Centre Boost UAE – China Trade

Al Maya Group's Kamal Vachani leads large UAE delegation to Vietnam, meets minis ...