DSI raises GCC ownership limit to 100%

Abu Dhabi: Drake and Scull, an engineering and construction company, raised the GCC ownership limit from 49 per cent to 100 per cent.

According to a statement issued by the Dubai Financial Market, on which the company is listed, the increase is effective from Thursday. The announcement led to a jump in Drake and Scull’s share prices by 11.46 per cent to reach Dh0.807.

Emiratis currently hold 51.02 per cent of the company’s stocks, with the remaining GCC nations owning 5.85 per cent, Reuters reported.