Dubai – Mubasher: Drake & Scull International (DSI) has announced that its strategic new investor Tabarak Investment has injected AED 500 million in capital alongside the successful completion of its capital restructure programme.
The new injection has raised DSI’s capital to AED 1.07 billion, the Dubai-listed construction and engineering firm said in a statement released late Tuesday.
Through its restructure programme, which began earlier this year, DSI aims to enhance its operational efficiency and financial position.
“The completion of the programme and the entry of Tabarak Investment as a strategic investor will enable the company’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,” DSI stated.
DSI chairman Abdulla Atatreh described the recapitalisation programme as “a significant milestone” for DSI as it reaffirms the new board’s commitment to taking the necessary decisions and actions to safeguard the company’s shareholders’ interests.
The UAE’s Securities and Commodities Authority (SCA) and the Dubai Financial Market (DFM) have both played a major role in supporting DSI’s capital restructure progamme, the chairman revealed.
As for Tabarak Investment, the top official stated that the new investor “will continue to support the company financially and strategically.”
Under the restructure programme and its new leadership, DSI can now “press ahead with key strategic initiatives to regain business momentum,” the chairman said, concluding that the completion of the programme will help DSI acquire new project awards and pursue opportunities to diversify its income and reinforce shareholder confidence.
