The return of Drake & Scull International (DSI) to the Dubai Financial Market (DFM) has been delayed as it awaits final approvals, the company has said in a filing.
The company was set to resume trading on the exchange on May 21. However, Drake & Scull is still awaiting the final greenlight from regulators to return to DFM, following a five-year suspension due to restructuring.
The Dubai-based contractor obtained the green light to resume trading its shares on the Dubai Financial Market after agreeing to write off 90% of the financial and trade creditors’ dues and increase the company share capital by no less than Dh300 million at 25 fils per share, as per the court-approved restructuring plan.
Drake & Scull has raised Dh 450 million ($122.5 million) or 150% of the sum required for its recent capital increase, the bourse filing said, to complete its restructuring.