Drake & Scull International (DSI) has formally requested the attendance of its shareholders at the rescheduled General Assembly meeting set for April 1. This comes after the initial meeting held on March 27, failed to meet the required quorum.
The assembly will discuss several important matters concerning the company’s future, the financial restructuring plan and a capital increase of up to Dh600 million.
Shafiq Abdelhamid, chairman of Drake & Scull International, reassured stakeholders of the company’s readiness for the upcoming General Assembly meeting. He emphasized the significance of highlighting the feasibility and indicators of the primary restructuring. This includes writing off 90 per cent of the financial and trade creditors’ dues and issuing a mandatory convertible sukuk that will be converted into shares after five years against the remaining 10 per cent.
In a detailed explanation of the restructuring’s feasibility, Abdelhamid said that the value added by the restructuring lies in fulfilling the above-mentioned mechanism, in addition to advancing and paving the way for future projects in four specialised business units: Drake & Scull Engineering, Passavant Energy & Environment, Drake & Scull Oil & Gas, and Drake & Scull Development.
He also stressed the importance of shareholders attending this General Assembly meeting and voting in favour of strategic decisions regarding the company’s capital increase, crucial for resuming trading of the company’s shares on the Dubai Financial Market. This includes setting the business plan, outlining the strategic future outlook for company management and other key milestones outlined in the General Assembly’s invitation.
Earlier this month, DSI secured approval from the Dubai Financial Market and Securities and Commodities Authority to reinstate company’s shares following the acceptance of the Dubai Courts of its Restructuring Plan that writes off 90 per cent of its debt.