By: Amr Adel
Dubai – Mubasher: The ordinary general meeting (OGM) of Drake & Scull International (DSI) on Thursday approved the plan set for restructuring capital as well as the entry of a strategic partner, after the company’s losses reached AED 992 million in fiscal year 2016.
The shareholders approved modifying the capital reduction rate to 75% instead of 50% in order to offset the entire accumulated losses; this decision is subject to the approval of the Securities and Commodities Authority (SCA).
The OGM also approved raising the capital by 500 million shares instead of 1.5 billion at a value of AED 1 per share instead of 43 fils; this amount will be entirely allocated and subject to the approval of the strategic investor, Tabarak Investment Capital Limited.
