Wednesday, October 4, 2017

DSI completes capital restructuring programme

Drake & Scull International (DSI), a regional market leader in engineering and construction services, has successfully completed its capital restructuring programme which started at the beginning of the fiscal year as part of its efforts to improve the financial position of the company and enhance operational efficiency.

The completion of the program and the entry of Tabarak Investment as a strategic investor will enable DSI’s new leadership to move forward with its operational plans and focus on further enhancing its core competencies in the mechanical, electrical and plumbing (MEP) sector to steer the company to recovery and sustainable growth, the company stated.

On the recapitalisation programme, DSI chairman Abdulla Atatreh said: "It is a significant milestone for the company and reaffirms the dedication and the commitment of the company's new board in taking the necessary decisions that safeguard the interest of shareholders and sets a solid foundation for the group to press ahead with key strategic initiatives to regain business momentum."

"We are confident that this achievement will pave the way for the company’s newly-appointed leadership to map a clearer direction and position DSI to proactively seize regional opportunities in the MEP sector," he noted.

Atatreh pointed out that the completion of the program was a fundamental phase in rebalancing its capital structure and improving liquidity.

"The new capital injection will be used to improve operations and accelerate projects execution, in addition to securing new project awards and pursuing opportunities to diversify our income and reinforce shareholders confidence," he noted.

According to him, the Securities and Commodities Authority (SCA) and the Dubai Financial Market (DFM) played a key role in supporting the execution of the capital restructuring program while exhibiting the highest standards of professionalism.

Under this deal, Tabarak Investment, he stated, will continue to support the company financially and strategically.

"Lastly, with the successful completion of the capital restructuring program, the share capital of the company stands at Dh1.07 billion ($291 million) and the total equity of the group increased by Dh500 million," he added.-TradeArabia News Service



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