FTSE Russell raises Drake & Scull’s weight on index

Dubai

Drake & Scull International (DSI) said on Tuesday it has announced that the foreign ownership limit used to calculate its free float weight on the FTSE Russell Index has been increased to 39 per cent following a positive December 2017 review.

The upgrade comes following DSI’s official inclusion in the MSCI GCC Index last month and reflects growing market confidence after the successful completion of the company’s major recapitalisation programme.

DSI’s stock is currently assigned a 39 per cent FOL Free Float on the FTSE Russel Index but is expected to gain a 5 per cent headway in March after the group’s efficient execution of a turnaround plan geared towards revitalising financial and operational performance.

DSI’s entry into the MSCI GCC Index last November was welcomed by regional and international investors and analysts as a strong vote of confidence in the group’s market competitiveness. The move by FTSE Russell adds further credence to DSI’s strong market positioning and complements strategic initiatives currently being undertaken by the group to regain business momentum.