By: Mahmoud Gamal
Dubai – Mubasher: Drake and Scull International’s (DSI) stock declined to the lowest level in 15 months on Sunday, following the approval of the company’s restructuring plan, according to a bourse statement.
DSI’s ordinary general meeting (OGM) on Thursday, 4 May, approved the capital restructuring plan, as well as the entry of a strategic partner, after the company’s losses reached AED 992 million in fiscal year 2016.
The stock fell 8.35% to AED 0.405, its lowest level since the end of February 2016. Turnover amounted to AED 19.78 million.
The stock was weighed by investors’ anxiety over the company’s future plans and investments, capital market analyst Ahmed Ismail said.
The company’s financial performance saw a deterioration due to its troubled projects in Saudi Arabia, in addition to posting higher costs than revenues.
DSI’s stock saw strong sales which may push it to decline to AED 0.38, then AED 0.34.
Translated by: Julian Nabil
