Drake & Scull International (DSI), a regional engineering and services leader, said it has won approval from shareholders on the proposed capital restructuring programme which will see the company pursue a two-pronged strategy with additional capital reduction in the first phase and endorsement of Dh500 million ($136 million) capital increase in the second phase.
The company obtained shareholders approval for the restructuring programme at the annual general assembly meeting held recently.
Phase One of the programme, which includes the share capital reduction, is expected to be completed in the second quarter of 2017, stated the Dubai builder.
Drake & Scull pointed out that the 75 per cent share capital reduction will …
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