Dubai – Mubasher: The Dubai Financial Market (DFM) on Wednesday announced the adjustment of Drake & Scull’s share price.
The adjustment will be implemented after the trading session of Sunday 1 October 2017, to reflect the reduction of the company’s capital, according to a DFM statement.
The share price of the company will not be adjusted once again after the implementation of capital increase, the market added, noting that the new shares are issued for a sole strategic investor and not all of the company’s investors.
Earlier on Wednesday, Drake & Scull had announced a 75% capital reduction by the end of 1 October 2017 trading session.
The company also announced a subsequent Capital Increase through the issuance of 500 million new shares to Tabarak Investment, noting that Upon completion of the listing of the new shares the Share Capital of the Company will increase from AED 571 million to AED 1.07 billion.
