Dubai – Mubasher: Drake & Scull International (DSI) on Sunday announced that Tabarak Investment “retains the voting rights and attributed profits of the shares registered for Ajman Bank.”
DSI further noted that these shares are held as collateral for a loan granted by Ajman Bank to Tabarak as part of a deal signed between the two parties, a statement to the Dubai Financial Market (DFM) showed.
DSI is scheduled to meet on Tuesday, 14 November to discuss its financial results for the third quarter of 2017.
On 3 October, DSI announced the completion of its capital restructure programme which it had commenced earlier in the year.
Under the programme, Tabarak Investment had injected AED 500 million into DSI’s capital, raising it to AED 1.07 billion.
DSI last reported widening its losses to AED 1.03 billion in the first six months of 2017 from AED 216.33 million in the year-ago period.
Any further updates in the Ajman Bank-Tabarak matter will be disclosed promptly, DSI concluded.
