Drake & Scull International BoD Meeting Statement

Published March 16th, 2010 - 10:15 GMT

Today marks the Drake & Scull International PJSC (DSI) first anniversary since listing on the DFM.  Overall, it has been a successful year for DSI despite the challenging economic climate and the company has managed to come out with good numbers and profits.  DSI has successfully met a number of the targets and aims that were set before listing mainly through expanding the business streamlines and services and increasing the company’s geographical reach.  With a rewarding year behind the company, DSI has a positive outlook for 2010.

The DSI board of directors met yesterday , Monday 15th March 2010, to discuss a number of topics:
1 – The distribution of dividends. The Board recommended that 7% of share face value to be distributed as cash dividends and this will be approved during the DSI forthcoming Annual General Meeting (AGM).  Financially, the company is in a strong position at the moment especially with the substantial profits and revenues from last year – this has encouraged DSI to pass these rewards on to their shareholders in the form of cash dividends.

2 - The board also approved the establishment of DSI Egypt and Oman - this decision comes due to the growing infrastructure and construction industries in these countries. 

3 - The board also discussed the upcoming acquisition of an MEP company in Qatar – due diligence studies have been completed and the process is in its final stages. The Sales & Purchase agreement for this acquisition will be drafted shortly and the official announcement will be made in due time.

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