Dubai – Mubasher: Drake and Scull International’s (DSI) stock surged 14% on Tuesday on the Dubai Financial Market (DFM) on the back of the success of the company’s restructuring programme and a new strategic investment by Tabarak Investment.
By 11:55 am UAE time, DSI’s stock rose to AED 1.65, its highest price in two months, generating AED 87 million after 54.54 million shares were traded.
Earlier on Wednesday, DSI said it had completed its capital restructure programme and that Tabarak Investment had invested AED 500 million.
DSI’s restructure which took place after the company suffered massive losses, will no doubt help the company return to profits, which is what DSI’s chairman told news outlets today, said capital market analyst Muhammad Saeed.
The positive results of the restructuring programme will be reflected in DSI’s financial statements for the third quarter, Abdulla Atatreh, DSI’s chairman, told Al Arabiya TV.
Technically, DSI’s stock saw a strong purchasing power and is targeting AED 1.72 to AED 1.85 levels, Saeed said, noting that if the stock passes these levels, it will continue rising to AED 2.
