Dubai: Drake & Scull International has postponed the naming of a chairman, after a decision taken by the board of directors’ meeting late on Monday. The earlier plan was to fill up that position on Monday itself. On May 7, the former chairman, Obaid Bin Touq, had submitted his resignation.
Now, the engineering services firm, which has been rocked by losses and revelations of past management excesses, will delay any decision until it fills up all the vacancies on the board. Last week, the company announced it was raising the number of board members to nine from seven.
“The Board of Directors approved to open the nomination to elect four new members,” the company said in a statement on Dubai Financial Market.
Meanwhile, there is talk in the market about the company being able to line up some bank credit to see through its short-term requirements. A committee has been formed that includes DSI’s banks to come up with possible solutions to the many issues confronting it, not least being the short-term capital needs.
At its Monday meeting, the board also said that it would call a general assembly meetings of shareholders to elect the four new directors after receiving approval from the Emirates Securities & Commodities Authority.