DSI’s shareholders pass restructuring plan

DSI’s shareholders pass restructuring plan

Dubai – Mubasher: Drake & Scull International’s (DSI) general assembly has approved a restructuring plan.

The restructuring plan will apply to 4 entities; Drake & Scull International PJSC, Drake & Scull International LLC, Drake & Scull Engineering LLC, and Drake & Scull for Contracting Oil & Gas Fields Facilities LLC, according to a press release.

The company’s shareholders also approved increasing capital by AED 600 million to AED 3.47 billion by issuing 2.4 billion shares at AED 0.25 per share.

Shafiq Abdelhamid, Chairman of DSI, said: “We went through a long, arduous, and challenging journey that we overcame together and worked side by side to restore the company to its leadership position in the market.”

“We have developed a comprehensive capital restructuring plan aimed at avoiding the liquidation of the company, ensuring the best interests of shareholders, ensuring business continuity, in addition to achieving better returns for creditors compared to the returns they could obtain in the event of its liquidation,” Abdelhamid added.

He noted: "We still have a long way to go, but we are all determined to restore the solid position that Drake & Scull enjoys in the construction sector, as the real estate market in the region, especially in the United Arab Emirates, is