GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >> Banking and Investments

 
  Share

UAE, June 18, 2017 – Drake & Scull International PJSC (“DSI” or the “Company”), a regional engineering and services leader, announced today that Tabarak Investment LLC acquired the majority shares of Former Chief Executive Officer, Khaldoun Tabari. 

The transaction reaffirms the commitment of Tabarak Investment LLC to the DSI brand and the promising outlook of the Company upon completion of the capital restructuring program which was approved by the shareholders at the Annual General Assembly Meeting held on 4th of May 2017. 

The company continues to review and optimize its organizational structure by merging and integrating core functions across operating segments to reduce overheads, streamline costs and to improve the bottom line performance.  

The company concluded a series of key management appointments at both corporate and subsidiary levels and the new management team has been recently complemented with the appointment of Feras Kalthoum as Acting Chief Financial officer of the Group. 

The company advanced with the capital restructuring program and received today from the Securities and Commodities Authority (SCA) further instructions to proceed with the final regulatory preparations in order to fulfil the approval requirements and to initiate the 75% capital reduction. 

Phase 1 (capital reduction) of the capital restructuring program is expected to be completed within six to seven weeks.  Upon completion of phase 1, the Company will instigate the execution of phase 2 (Capital increase) of the program which includes the AED 500 million capital increase to accelerate the entry of Tabarak Investment LLC as a major strategic investor in the Company.

The initial projected timeline of the capital restructuring program has been deferred by a period of one month and the Company now expects to complete the program by the end of Q3 2017.

Wael Allan, CEO, Drake & Scull International PJSC, commented: “We are pleased to see Tabarak Investment reaffirm their unwavering commitment to the Company. With their unyielding support, we will aggressively continue to execute our turnaround strategy and undertake key business transformations and strategic initiatives in collaboration with all our stakeholders.”

 “I would like to reassure all our shareholders that the new management team is fully dedicated and geared to prepare a new phase of financial & operational recovery.”

“Despite the short-term challenges, the Company is well positioned to benefit from its leadership position in the MEP sector and to secure profitable projects in the UAE market in the near future.”

Feras Kalthoun, Acting CFO, Drake & Scull International PJSC, added: “I look forward to being part of the new management team assigned to stabilize the business and resolve the Group's financial challenges.”  

“The completion of the capital restructuring program is essential to resolving the liquidity challenges of the Company and to rebalance the Capital structure of the Group.”

“Our immediate priority is to plug-in our working capital deficit; improve collection to shore-up liquidity.”  

“Our short-term goals are to streamline our business, bolster liquidity, optimize governance and transparency, and secure high-potential projects. The UAE market remains buoyant and we expect to progress steadily with our turnaround strategy throughout the second half of the year.”

Ahmed Kilani, CEO, Tabarak Investment LLC, concluded: “The acquisition of Tabari's shares is a voice of confidence in the DSI brand and the longstanding track record of the Company particularly in the MEP sector in the UAE. The strategic synergies between DSI and Tabarak will be pivotal to the success of the turnaround strategy set forth by the Company earlier this year.”

“We are optimistic about the prospects of the Company in the long term and we are keen on the completion of the Capital restructuring program to assist the Company during this challenging time, yet promising outlook.”



Posted by : GoDubai Editorial Team
Viewed 5094 times
Posted on : Monday, June 19, 2017  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : DAFZA participates at the 19th International Logistics and Material Handling Exhibition in Barcelona
Next Story : ADNOC Distribution Signs Agreement with Abu Dhabi Police to Enhance Technical Inspection Services fo...
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
100% Vegan New… Body Yogurts 15 Seconds to Glowing Healthy-looking Skin Spoon It on
Therése Neaimé- Sold to perfection
Marni Eyewear Collection, Exclusively Available at Grand Optics
Linda Paradis brings non-invasive ink removal to Dubai
Leaves of Joy
ba&sh The Modest Collection
Sandro's SS18 Top Picks - It all begins with color!
Martin Hoping for Amstel Gold as Irishman Leads Team to Ardennes Classics
Sony's PXW-Z280, World's first 4K 3-chip Camcorder with new 1/2-type Exmor R CMO...
Timeless Ties
IKEA announces latest INDUSTRIELL and HJÄRTELIG Collections
Scuderia Ferrari Abetone Collection
HP's New High-Performance Workstations Push Creative and Technical Workflows to ...
Tommy Hilfiger's SS2018 men's and women's watch collection
Boss watches presents the Ocean Edition
Al-futtaim Names Its New Dubai Lifestyle Mall – ‘Festival Plaza'
The Chronofighter Grand Vintage by Graham is exactly as big as it appears in the...
Sophie's Café Introduces Ve-Gang Tuesdays for ladies starting from 17th April
Nikon D850 and D7500 presented with Red Dot Award: Product Design 2018
Skyline Mega Fitness Challenge Sparked Positivity and Happiness
Japan's Masazo Nonaka Is Awarded Guinness World Records Title for Oldest Living ...
Accessories Collection 2018 Gentleman Attitude
MG Motor and Al Yousuf Motors Open New Dubai Showroom
Trend Alert from kate spade to help you pull off the cool girl look when you're ...
COLAB - Dry Shampoo
Latifa bint Mohammed visits PCFC's stand at DIGAE, hails state-of-art initiatives
Summertime Beauty Picks at Glambeaute.com
Sony unleashes refined creativity with the new FS5 II
Get the best bargains at Dragon Mart's End of Season Clearance Market
ORANGE & BERGAMOT Awaken the Cult Icon New Additions
Samsung launches Exciting Smartphone Trade-In Program with Galaxy S9 or S9+
FOREO delivers the ultimate festival survival kit for a glow-on-the-go.
ICBA, Dubai Carbon team up for sustainability projects
Dubai-based Al Kasir Group launches three Crypto assets backed by diamonds
Indie Film ‘Selfie' Premieres in Dubai
PCFC's stand at DIGAE sees heavy diplomatic footfall
ETIHAD AIRWAYS BOOSTS SERVICES TO MOROCCO
New Blow Out Bar and Make-Up Studio SWISH by Immaclife Opens in Abu Dhabi in Apr...
A Royal Ramadan Experience by Master Chef Mama in Pullman Dubai Creek City Centre
Finnair to offer a hand baggage only ticket type on selected North Atlantic routes
GMIS Signs Memorandum of Understanding With Italian Pharmaceutical Leader Farmin...
Airbus and Zodiac Aerospace enter into a partnership for a new lower-deck passen...
International Property Show and Dubai Property Festival drive exclusive banks offers
HONEYWELL TO INSPIRE NEXT GENERATION OF PROGRAMMERS AND SCIENTISTS AT THINK SCIE...
Airbus launches new Cabin-Flex option for A380 with Qantas
Skyline University College Economics Day 2018: One Step towards Tomorrow
Enhance skin radiance, smoothness and brightness in just 14 days, with the new J...
Dubai Property Show and International Property Show kicks off 14th edition with ...
Rolling Cones, a new luxury ice cream concept, launches at the Hyatt Regency Dub...
50-YEAR ANNIVERSARY OF A MATERNAL HEALTH BREAKTHROUGH