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 12731 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
Tonda 1950 Stone-set range' [8991-Views]
Parmigiani Fleurier Kalpagraphe Chronometre Titanium [7558-Views]
Transform Your Bedroom and Sleep Like a King With Robinsons' Latest Bedlinen Collections F... [7515-Views]
Colourful Anniversary Limited anniversary edition now available in new colors [7198-Views]
Siemens to supply power equipment and services for 840 MW power plant in Iraq [6576-Views]
Toric Hémisphères Rétrograde Slate The traveller's watch featuring a new guilloché dial [5466-Views]
Aston Martin Valkyrie Wows Crowds on Public Debut at Silverstone [5429-Views]
Happy Eid with Corum Golden Bridge Round 39 [5246-Views]
Special edition 2019 Ford Expedition ‘Turath' arrives in Al Tayer Motors and Premier Motor... [5240-Views]
Dubai-based Blue Ocean Group expands into UK distribution market ahead of Brexit [5136-Views]
Mouawad unveils the Mouawad Dragon Yellow and White Diamond Suite, featuring the largest r... [4953-Views]
Statement Handbags from GUESS [4904-Views]
Sports Collection - Autumn Winter 2019 [4856-Views]
The inauguration of codeshare flights between Kuwait and Istanbul-Sabiha Gökçen Airpo... [4642-Views]
Salvatore Ferragamo Timepieces – Summer 2019 Collection [4630-Views]
Tissot Heritage 1973 The racing legacy [4618-Views]
Schneider Electric's Biggest Engineer-to-Order Factory in Asia Utilizes IIoT Technology an... [4526-Views]
Ralph Lauren at The Championships, Wimbledon – Wednesday 10th July [4435-Views]
The Perfect Shave Kit for your Summer Travels [4233-Views]
Samsung QLED 8K: How AI Upscaling Enables Truly Immersive Picture & Sound [4166-Views]
Picnic Indoors This Summer with Marks & Spencer [4124-Views]
Kitchen Hacks: 8 Clever Ways to Smart Storing [3971-Views]
Celebrated singer and composer Quratulain Balouch set to perform at Rajmahal Theatre in BO... [3953-Views]
Ahmad Daham becomes first Arab drifter to participate in Drift Masters European Championsh... [3831-Views]
Ralph Lauren at The Championships, Wimbledon – Sunday 14th July [3776-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories