Dubai – Mubasher: Drake and Scull International (DSI) said its shareholders will discuss on Thursday, 27 April, a proposal to reduce the AED 2.285 billion issued capital by 50%, according to a bourse filing.
The board had earlier recommended to cut the capital by AED 1.142 billion, representing 115% of the company’s accumulated losses attributed to the parent company’s owners.
As a result, retained earnings attributed to the owners of the parent company will reach AED 150.97 million.
The shareholders will also review the board’s report on the company’s financial position in light of increasing the share capital by issuing new shares worth AED 1.162 billion at AED 1 par value each.
Tabarak Investment shall pay part of its value worth AED 500 million, equivalent to AED 0.43 per share, and the residual amount of AED 662.79 million shall be offset by DSI through the accumulated profits. In addition, all the newly issued shares shall be allocated to Tabarak.
