Dubai – Mubasher: Drake & Scull International (DSI) is working with relevant authorities, namely the Dubai Financial Market (DFM) and the Securities and Commodities Authority (SCA), so that trading on its shares could resume.
DSI is awaiting approval for its operation and financial restructuring scheme, it said in a bourse filing on Tuesday, noting that the restructure was set to continue throughout 2018 and 2019.
On Wednesday, 14 November 2018, the DFM suspended trading on DSI’s shares effective 10 am UAE time.
The DFM is entitled to suspend trading on any shares if the company threatens market performance, the bourse had said, noting that its decision to suspend DSI’s shares was because the company’s losses had exceeded 50% of its capital.
The UAE-based developer recently reported AED 662.9 million in losses in the nine months to September 2018, down from AED 1.22 billion in the same period of 2017.
DSI will continue to deliver on its projects and pursue ongoing measures to speed up the bidding and securing of new projects, it said in a statement.
DSI “has submitted a number of proposals for carefully selected projects, predominantly in the UAE, with several due [to be signed] in the coming months,” the construction firm concluded.
