Drake & Scull International PJSC (DSI) invites its shareholders to subscribe for new shares as part of a capital increase, following the approval of a restructuring plan by the general assembly of the company and the Securities and Commodities Authority. The restructuring plan was initiated in November 2018 and approved in 2023 after extensive discussions and negotiations with stakeholders. The plan includes a write-down of 90% of creditors' claims in exchange for a cash payment or a Mandatory Convertible Sukuk instrument. The company's issued share capital will increase from AED 1,070,987,747 to a maximum of AED 3,470,987,747, with the creation of up to 2,400,000,000 new shares at an issue price of AED 0.25 and a discount price of AED 0.75. The capital increase aims to cover mandatory accounts payable, restructuring expenses, cash settlements with junior creditors, and to enhance working capital and support operations. The subscription period for the new shares will be from 25 April 2024 to 10 May 2024.
The document contains the consolidated financial statements of Drake and Scull International PJSC and its subsidiaries as of 31 December 2023.
The document contains the consolidated financial statements of Drake and Scull International PJSC and its subsidiaries as of December 31, 2023. These statements provide a comprehensive overview of the company's financial performance and position.
On February 26th, 2024, the Board of Directors of Drake & Scull International PJSC held its first meeting of the year. The Board approved the minutes of the previous meeting and decided to call a General Assembly meeting as soon as possible, subject to the approval of the Securities and Commodities Authority (SCA) and Dubai Financial Market (DFM). The Board plans to discuss and approve the resumption of trading of the Company’s shares, increase in the share capital of the Company according to the terms approved by SCA and DFM, and the Company being an obligor in respect of a mandatory convertible Sukuk issuance aligned with the settlement plan.
