Dubai (WAM)
Drake & Scull International (DSI) has closed the subscription for new capital, with proceeds exceeding Dh450 million.
The company stressed that the subscription process, for the period of April 25 and May 10 at a discounted rate of 25 fils per share, exceeded one and a half times the minimum required to complete the restructuring process.
The company’s new capital will amount to Dh2.887 billion, distributed over 2.887 billion shares.
DSI’s shares will resume trading on the Dubai Financial Market on May 20, after completing the procedures required by the regulatory and supervisory authorities.
Chairman of the Board of DSI Shafiq Abdelhamid emphasised that the company is determined to recapture its prominent position in the construction industry. This resolve is especially fuelled by the remarkable expansion witnessed in the regional real estate market, particularly in the UAE.