Dubai – Mubasher: Drake and Scull International’s (DSI) board on Saturday approved the issuance of subscription shares for Tabarak Investment.
The board also approved Tabarak Investment, owned by Tabarak Commercial Investment (LLC), as a strategic shareholder in the firm.
DSI also approved the subscription by Tabarak of 500 million shares at a value of AED 500 million after obtaining the Securities and Commodities Authorities' approval.
One of the most significant decisions taken by DSI's board is the 75% paid-up share capital reduction through diminishing DSI’s accumulated losses of AED 1.7 billion and amending the Articles of Association accordingly, in line with approving the new Board to determine the date of the reduction.
