Dubai
Share prices of Drake and Scull International (DSI) jumped nearly 15 per cent on Wednesday after the company announced it has completed its capital restructuring programme. The restructuring saw Tabrak inject Dh500 million to raise DSI’s capital. In a statement, DSI said the capital injection will be used to improve operations and accelerate project execution, in addition to securing new project awards and pursuing new opportunities. In a separate statement to the Dubai bourse, DSI said that as part of the capital restructuring programme, the 500 million new shares issued to Tabarak Investment were transferred and registered with Ajman Bank in compliance with the financing agreement. With the restructuring programme complete, DSI’s share capital stands at Dh1.07 billion.
The entry of Tabarak Investments will also allow DSI to focus on further enhancing its core competencies in the mechanical, electrical, and plumbing sector. On Wednesday, DSI’s share prices ended the day 14.4 per cent higher, nearly touching the daily cap of a price increase (of 15 per cent), with prices at Dh1.67. The company’s shares were also the most actively traded on the Dubai bourse, accounting for a third of the total traded value in the market.
