DSI signs acquisition intent letter

Dubai:  Drake & Scull International (DSI) PJSC announced yesterday the signing of a letter of intent (LOI) for the acquisition of a Saudi-based Mechanical, Electrical and Plumbing (MEP) company.

"We made a commitment to our shareholders when Drake & Scull International listed on the Dubai Financial Market, and are pleased that we are now in a position to deliver on that promise," Khaldoun Tabari, CEO, DSI, said.

Details of the company and value will be announced within a month when DSI expects to sign the sales purchase agreemen. The acquisition of a second company should be finalised by end-year.

"We want to be the leading provider in the region and are close to accomplishing that by acquiring these two companies in Saudi Arabia. It is the finale of what we wanted and promised to do in our PPM [private placement memorandum]," Tabari told Gulf News.

It may be the finale of this particular acquisition and expansion spree but not the end of the road. The company is already looking for jobs in India, Egypt and Libya.

"India is difficult because of the high entry level expense. We're also bidding in Libya and Algeria.

"Once we're successful there it opens the door to spread within Africa," Tabari said.