DSI obtains regulatory approval for its capital reduction and the listing of new shares
Company confirms dates for its 75 per cent capital reduction and the listing of the 500 million new shares.
Drake & Scull International PJSC (DSI), a regional market leader in engineering and construction services, announced today further to the approval of the Capital Restructuring programme resolved upon by the shareholders at the second General Assembly meeting on 9 September 2017, regulatory approval has been obtained today and the designated date for the reduction of DSI’s share capital from AED 2.28 billion to AED 571 million is Monday, 2 October 2017.
The Entitlement Date (the last day of trading before restatement) will be Sunday 1 October 2017. The Ex-Date when the number of shares is reduced and the share price restated (prior to the commencement of trading) will be Monday 2 October 2017 (or the first day of trading after the Entitlement Date).
The regulatory approval for the subsequent Capital Increase through the issuance of 500 million new shares to Tabarak Investment LLC has also been obtained. The 500 million new shares will be listed on the Dubai Financial Market on Sunday 1 October 2017 (after trading hours). Upon completion of the listing of the new shares the Share Capital of the Company will increase from AED 571 million to AED 1.07 billion.