Dubai, Drake & Scull International (DSI) shareholders met on Monday to endorse several board resolutions regarding the company's future. This includes approval of a financial restructuring plan and a capital increase of up to Dh600 million.
Following these decisions, the Dubai-based contractor has received permission to resume trading its shares on the Dubai Financial Market (DFM). The company increased its share capital by Dh300 million ($82 million) and wrote off 90% of financial and trade creditors' dues. Additionally, a mandatory convertible Sukuk will be issued, convertible into shares after five years, covering the remaining 10%.
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Last month, DSI obtained approval from the DFM to reinstate its shares, following the prerequisite of writing off 90% of its debt and increasing share capital by no less than Dh300 million at 25 fils per share, as per the court-approved restructuring plan.
The strong subscription of shareholders to the new additional share capital increase was crucial to the success of the restructuring plan, facilitating the write-off of most of the company's debt. The agenda also encompasses other strategic matters concerning the company's future growth
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