UAE News Today : Business

Drake & Scull International reveals restructuring plan and results


Drake & Scull International (DSI) has formally requested the attendance of its shareholders at the General Assembly meeting rescheduled for April 1.

This comes after the initial meeting held on March 27 failed to reach the required quorum.

The meeting will be held in person at the Gulf Court Business Bay hotel in Dubai and virtually. The meeting will discuss several important matters related to the future of the company, the financial restructuring plan and the capital increase of up to AED 600 million.

Shafiq Abdelhamid, Chairman of the Board of Directors of Drake & Scull International, assured stakeholders of the company’s readiness for the upcoming General Assembly meeting. He highlighted the importance of highlighting the feasibility and indicators of primary restructuring. This includes the cancellation of 90% of the dues of financial and commercial creditors and the issuance of a compulsorily convertible Sukuk that will be converted into shares after five years against the remaining 10%.

News source: Emirates News Agency


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