Dubai – Mubasher: Drake & Scull International (DSI) on Sunday announced that Tabarak Investment has raised its stake in the company’s paid-up capital to 13.73% from 13.26%.
“Some of these shares are held in the name of Ajman Bank as a collateral against financial facilities,” DSI said in a filing to the Dubai Financial Market (DFM).
It added that Tabarak Investment retains the actual ownership rights as the beneficiary to these shares.
The stake hike followed a similar one in July, when Tabarak Investment increased its shareholding in DSI to 13.26%.
Tabarak Investment is a subsidiary of Tabarak Commercial Investment One Person Company L.L.C.
Last week, DSI denied reports that the company was heading towards a potential dissolution after its upcoming ordinary general meeting (OGM) slated for 27 September.
The OGM to be held later this month will put DSI’s dissolution to a vote if accumulated losses reached 50% of issued share capital, the firm had said.
Its CEO described the vote as “a mere legal requirement”, adding that it was “procedural step that needs to be taken” but did not mean that there was an intent to dissolve the company prior to the expiry of its term.
DSI’s stock closed Wednesday down 10% to AED 0.41. UAE bourses were closed on Thursday.
