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Drake & Scull opens nominations for new board

Construction workers in Dubai. Contractor Drake & Scull has completed its restructuring process Alamy via Reuters
Construction workers in Dubai. Contractor Drake & Scull has completed its restructuring process
  • Contractor to fill seven positions
  • Restructuring process complete
  • Shares up 52% from sale price

Dubai contractor Drake & Scull International (DSI) has opened nominations for new board members, after the completion of a lengthy restructuring process.

DSI is looking to fill seven positions, according to a filing to Dubai Financial Market (DFM), with nominations open until July 11.

Earlier this week the board of directors tendered their resignations in light of the restructuring process being complete “and in view of the requirements of the next stage and the future challenges facing the company”.

Board secretary Dana Abu Alghanam was part of the cohort of resignations.

Shareholders will vote on board membership at the general assembly meeting, which is scheduled to be held on July 24.

Shares in DSI resumed trading on DFM last month after a six-year suspension.

Trading in DSI’s stock was halted in 2018 after its losses exceeded 75 percent of its capital.

After a heated legal battle that almost resulted in the contractor being liquidated, creditors and shareholders approved a restructuring plan last April, and a court formally cleared it in November.

The plan included the write-off of 90 percent of debts, while the remaining 10 percent would be funnelled into a sukuk, or sharia-compliant bond.

DSI shares were trading at AED0.381 on Thursday morning, up 52 percent from the price at which it sold 1.8 billion shares to raise AED450 million ($123 million) as part of the company’s restructuring.

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