Dubai: Drake and Scull International (DSI), the Dubai-listed construction firm, said on Tuesday that it is continuously holding several meetings and discussions with key stakeholders, including banks, creditors and other financial institutions across the region.
The statement to the Dubai bourse comes two days after a Reuters report cited unnamed banking sources who said DSI expects to have nearly Dh1 billion of cashflow available over the next four years to partly repay its debt.
The statement from DSI neither confirmed nor denied the news, and stated that the company could not publicly disclose any forward-looking guidance with regards to financial performance.
“The company would like to clarify that as part of the ongoing capital restructuring programme initiated in [the first quarter of] 2017, the management holds continuously several executive meetings and discussions with key stakeholders including but not limited to banks, creditors, and other financial institutions across the region,” DSI said in the statement.
It added that during these communications, management discusses “the future strategy of the company, wherein incidental information pertinent to the outlook of the company is shared on confidentiality basis.”
In February, DSI announced a capital restructuring plan to turnaround financial performance. The plan involves a rights issue and a capital reduction measure.
DSI shares ended the day on Wednesday 1.75 per cent higher to reach Dh0.348 on the Dubai Financial Market.
