Drake & Scull International Reveals Restructuring Plan and Results

Drake & Scull International (DSI) has formally requested the attendance of its shareholders at the rescheduled General Assembly meeting set for 1st April.

This comes after the initial meeting held on 27th March failed to meet the required quorum.

The meeting will be held in person at the Gulf Court Business Bay Hotel in Dubai and virtually. The assembly will discuss several important matters concerning the company's future, the financial restructuring plan and capital increase up to AED600 million.

Shafiq Abdelhamid, Chairman of the Board of Drake & Scull International, reassured stakeholders of the company's readiness for the upcoming General Assembly meeting. He emphasised the significance of highlighting the feasibility and indicators of the primary restructuring. This includes writing off 90% of the financial and trade creditors' dues and issuing a mandatory convertible Sukuk that will be converted into shares after five years against the remaining 10%.

News Source: Emirates News Agency