DSI to Issue a Convertible Sukuk in Q2 2018 in Succession of the Recapitalization Program

Press release
Published March 28th, 2018 - 06:44 GMT
Rabih Abou Diwan, Investor Relations Director of Drake & Scull International
Rabih Abou Diwan, Investor Relations Director of Drake & Scull International

Drake & Scull International, 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.”

Background Information

Drake & Scull International PJSC

DSI’s journey began in 1881 and has continued over 135 years, spreading from the western edge of Europe, to stretch across the eastern fringes of Asia today. DSI’s historic legacy can be divided into three significant milestones.

"قاطع الرؤوس" في قبضة الاستخبارات العراقية

Published February 23rd, 2019 - 09:39 GMT
مقاتلين من داعش/ أرشيفية
مقاتلين من داعش/ أرشيفية

أعلنت الاستخبارات العسكرية العراقية، أمس الجمعة، عن اعتقال قاطع الرؤوس في "داعش" على الحدود العراقية السورية، الذي ظهر في أكثر من فيديو وهو ينفذ عمليات إعدام.

وقالت المديرية في بيان على صفحتها في موقع "فيسبوك" إن "مفارز مديرية الاستخبارات العسكرية في الفرقة 15 ، وإثر معلومات استخبارية دقيقة، ألقت القبض على أحد الإرهابيين الذين تسللوا عبر الحدود العراقية السورية والمعروف بـ (قاطع الرؤوس)".

وأضافت أن "هذا الشخص معروف بقاطع الرؤوس"، وأنه "ظهر بعدة إصدارات للدواعش أمام أشخاص قام بقطع رؤوسهم في العراق وسوريا".

 


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