By: Mahmoud Gamal
Dubai – Mubasher: Drake and Scull International’s (DSI) stock rose in line with the news that former CEO Khaldoun Tabari has sold his stake in the company to Tabarak Investment, as Zawya reported on Sunday.
The stock grew 2% to AED 0.430, with a turnover of AED 52.93 million from the exchange of 122.46 million shares.
With the sale, Tabarak's stake in DSI ranges between 18% and 20%, making it the largest shareholder in the company, Zawya cited a source with knowledge of the matter as saying.
DSI’s positive news of having a new shareholder will increase optimism for the company’s position, capital market analyst Mohamed Saeed told Mubasher.
The stock saw strong purchases that may support it to reach AED 0.48 and AED 0.5 on the medium-term, Saeed added.
Translated by: Julian Nabil
