Subscriptions open for Dubai engineering firm Drake & Scull’s Dh600 million capital increase

Subscriptions open for Dubai engineering firm Drake & Scull’s Dh600 million capital increase

The Dh600 million capital increase is a decisive moment in Drake & Scull's plans for a full-scale comeback. Image Credit: Supplied

Dubai: The Dubai contractor Drake & Scull International enters another key moment in its turnaround plans with the launch of a Dh600 million capital increase. This will done through 2.4 billion shares, with existing shareholders able to subscribe at a discounted 25 fils a share.

The process is open only to current shareholders. The process will continue until May 10, 2024, and is 'considered one of the final steps to complete the restructuring process'.

Subscriptions can be done through the main offices of Emirates NBD across the UAE, in addition to branches operated by Commercial Bank of Dubai in Abu Dhabi, Dubai and Sharjah.

Emirates NBD has also allocated a special number to respond to all shareholders’ inquiries (800 3623 476). Drake & Scull shareholders must ensure that their names appear in the company’s share register maintained with DFM by the end of DFM's working hours on the entitlement date of April 24.

In addition, they must possess an Investor Number (NIN) registered with DFM to be eligible to subscribe to the new shares.

It is expected that trading in the company's shares