Drake & Scull International PJSC (DSI), a regional market leader in integrated design, engineering and construction disciplines of Civil Contracting, Mechanical, Electrical and Plumbing (MEP), Water and Power, Oil and Gas and Rail announced today that ithas entered into a strategic transaction with Goldman Sachs International “GSI”, whereby GSI has purchased warrants in the Company.
These warrants have a notional value equal to AED 147 million which represents approximately 8.5% of the company’s market capitalization. The maturity of the warrants is 5 years and can be exercised by GSI any time after 2 years. Upon exercise of the warrants, GSI’’s economic exposure will be cash settled (subject to a pre-agreed maximum cash settlement amount).
Commenting on the transaction, Osama Hamdan, CFO of DSI said, “We are excited to have completed this transaction with Goldman Sachs International and we look forward to working together in the future”.