Drake & Scull International P.J.S.C

The subscription process for shares of Drake & Scull International, part of a final step in the company's restructuring plan, is set to begin on April 25, 2024, and conclude on May 10, 2024. The subscription volume is 600 million dirhams, distributed over 2.4 billion shares. This offers an opportunity to enhance the company's capacity and provide sufficient liquidity to cover and implement its work plan. Shareholders will have the opportunity to benefit from subscribing to the new shares at a discounted price of 25 fils per share. The subscription process will be conducted through the main offices of Emirates NBD, as well as branches of Dubai Commercial Bank in Abu Dhabi, Dubai and Sharjah. To participate in the capital increase, shareholders must ensure their names appear in the company's share register held by the Dubai Financial Market by the end of working hours on the due date, April 24, 2024. Trading on the company's shares is expected to resume on May 21, 2024.

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.