Dubai – Mubasher: The Dubai Financial Market (DFM) on Monday announced a 75% reduction in Drake and Scull International’s (DSI) capital.
“The reduction was executed on settled position on IN level and reflected to the investors’ accounts with position after the round down,” the DFM said in a statement on its official website.
Differences in allocation will be added to the investors’ credit default swap (CDS) account, the DFM added.
Under the capital reduction decision, outstanding trades carried out on 28 September and 1 October were adjusted and rounded down to the nearest whole number.
On 9 September, DSI’s general meeting approved the restructuring of the company by reducing its capital to AED 571 million from AED 2.3 billion effective Monday, 2 October.
