Dubai – Mubasher: Drake and Scull International (DSI) has obtained a loan worth AED 100 million from Tabarak Commercial Investment LLC, according to a press release on Wednesday.
The loan will help DSI to meet the immediate requirements of the working capital until it completes its restructuring programme, DSI said.
“The extension of this loan from Tabarak Investment will ensure business continuity particularly by addressing our immediate working capital requirements under the initial phase of our capital restructuring programme,” board member at DSI Mohammad Atatreh said.
The restructuring programme includes a capital increase of AED 500 million to speed up the entry process of Tabarak Investment as a strategic investor.
Ahmed Kilani, CEO of Tabarak Investment, said: “Our loan is intended to ensure that DSI’s restructuring programme proceeds as smoothly and as swiftly as possible.”
The initial phase of DSI’s restructuring programme is currently being implemented, and capital will be officially decreased by 75% within a few weeks.
The loan provided by Tabarak Investment will help enhance DSI’s liquidity.
