Dubai PR Network, Online Press Release from Dubai and Middle East
 
(Others)
Filter PR by
  
DSI to Issue a Convertible Sukuk in Q2 2018 in Succession of the Recapitalization Program
 

Dubai, UAE – March 28, 2018 – Drake & Scull International PJSC (“DSI” or the “Company”), a regional leader in engineering and construction services, announced today that it is targeting to issue a sukuk convertible into equity in Q2 2018.

On 27 March 2018, the DSI Board of Directors approved plans for the issuance of convertible sukuk with an indicative value of minimum AED 450 Million or the equivalent in other currencies, as private placement or public issuance to be converted to shares over a maximum period of 5 years, at a price of AED 3 per share or at a discount of 25% of the market price of the share, to be determined at the time of conversion. 

The sukuk issuance is subject to regulatory and shareholders’ approval at the company’s upcoming General Assembly meeting, which is scheduled to convene in April 2018.

Rabih Abou Diwan, Investor Relations Director, Drake & Scull International PJSC, stated: “The sukuk issuance comes within the framework of the strategic plan approved by the Board of Directors of the company, as a succession of the restructuring and recapitalization efforts implemented to secure the required funding for the ongoing and future projects portfolio in the region.”

“The key objective is diversification of our financing; and the sukuk offers a sharia compliant platform that is appealing and reassuring to a larger spectrum of investors, and most importantly to our shareholders.”

“After the successful completion of our debt restructuring program across our key markets and the stabilization of the business in Q1 2018, our goal is to use the proceeds of the sukuk to enhance the operational capacity of the Group in the MEP sector. We are also concurrently working closely with our banks to secure the required working capital facilities for our new projects portfolio and the targeted project awards scheduled for announcement in April 2018.”


Posted by : Dubai PR Network Editorial Team
Viewed 2952 times
PR Category : Others
Posted on : Wednesday, March 28, 2018  5:15:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : DSI announces the appointment of Group Chief Executive Offic...
Next Story : ADNEC's Internet Excellence Program ‘The Capital Awards' to ...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Timeless Ties [9778-Views]
COLAB - Dry Shampoo [9333-Views]
ORANGE & BERGAMOT Awaken the Cult Icon New Additions [9034-Views]
The Perfect Gift Mark [7180-Views]
FOREO delivers the ultimate festival survival kit for a glow-on-the-go. [7088-Views]
New XE 300 Sport Edition Wins Gripping Ice Race [6429-Views]
Get Vibrant and lively hair with Rahua's new Color Full Range [6222-Views]
Summertime Beauty Picks at Glambeaute.com [6088-Views]
Samsung launches Exciting Smartphone Trade-In Program with Galaxy S9 or S9+ [6076-Views]
Filorga Mesotherapist Derma Roller [6015-Views]
du to Offer New 9.7-inch iPad With Apple Pencil Support [5508-Views]
Skyline University College Economics Day 2018: One Step towards Tomorrow [5209-Views]
Penny Scallan Design Launches in the Middle East [5142-Views]
Dubai Sports Council Pavilion a big hit at Bangkok SportAccord [5124-Views]
New Blow Out Bar and Make-Up Studio SWISH by Immaclife Opens in Abu Dhabi in April 2018 an... [5118-Views]
Dubai-based Al Kasir Group launches three Crypto assets backed by diamonds [5118-Views]
A Royal Ramadan Experience by Master Chef Mama in Pullman Dubai Creek City Centre [5100-Views]
Pandora Shine Discover A New Way to Shine [4972-Views]
Rolling Cones, a new luxury ice cream concept, launches at the Hyatt Regency Dubai Creek H... [4770-Views]
MINI at Auto China Beijing 2018 [4673-Views]
The new BMW M2 Competition [4673-Views]
Palladio Beauty - a Professional Line of Botanical & Vitamin-Infused Cosmetics [4618-Views]
Stylish Nursing wear at Mums and Bumps [4544-Views]
Mumzworld Announce Recruitment Drive To Empower Women in the Middle East [4465-Views]
Gifts for Ramadan at Hour Choice [4435-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories