DSI seeks regulatory nod to initiate capital restructuring programme

Dubai:

Drake & Scull International (DSI), said it will proceed with the final preparations to secure the approval of the Securities and Commodities Authority (SCA) to initiate the 75 per cent share capital reduction.

The company is preparing to fulfil the regulatory requirements to initiate the share capital reduction and to subsequently effectuate the cancellation of 1,714 million shares to extinguish its total accumulated losses attributed to the owners of the parent.

The latest developments represent a critical progress in the capital restructuring program that will enable the Company to resolve its liquidity challenges and to execute its turnaround strategy to stabilise the business and to pursue its growth objectives in the regional MEP sector.