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 5880 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
Mouawad Acquires The 51.38 Carat Dynasty Diamond From ALROSA [17403-Views]
Cerruti 1881 MOLVENO timepiece and cufflinks [13286-Views]
Nazih Introduces New Dr. Renaud Skincare Range [8601-Views]
Five Awesome Reasons to Visit LEGOLAND® Dubai During the Eid Al Adha Holiday [8546-Views]
Back-to-School Shopping Made Easy with SOUQ.com [8442-Views]
Business Wear by Hugo Boss [7564-Views]
The new Rado HyperChrome Chronograph in bronze and high-tech ceramic [7393-Views]
Head to Modhesh World for Summer Fun Before the School Run [7387-Views]
Spectacular live entertainment for the entire family at Majid Al Futtaim malls in the UAE ... [7033-Views]
Never Run Out of Space for Those Joyful Summer Holiday Memories With Western Digital [6917-Views]
Eid Gift Guide 2018 [6887-Views]
Eberhard & Co. immortalizes a legend [6411-Views]
Trend Alert! Clueless About Plaid? kate spade Found Fresh Ways to Showcase the Gorgeous Pr... [6259-Views]
New Addition to the HUAWEI Nova 3 Series: On-trend and fashionable HUAWEI nova 3i now on s... [6039-Views]
The Marriott International cyclist team completes 600km R2A cycle challenge [5893-Views]
The Moon Collection From Lacoste [5826-Views]
OMEGA Showcases its Passion for Golf at the 2018 PGA Championship [5697-Views]
American Eagle Takes It to the Ne(X)t Level With Fall Jeans Campaign [5624-Views]
Calligraphy, etching and Palestinian embroidery: Learn it all at Tashkeel this September [5325-Views]
Samsung Launches the Galaxy Note9 in the UAE [5020-Views]
XTouch Announces the Launch of the Robot Family Range of Rugged Mobile Phones [4929-Views]
Why Are Chipmakers Making Smaller and Smaller Processors? [4831-Views]
du LaLiga HPC Top Talents Arrive in Spain for 21-day Annual Scouting Camp [4624-Views]
Aperitivo di Ferragosto [4538-Views]
Let your kids enjoy some dancing at James & Alex Dance Studios [4459-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories