Trading of Drake & Scull International PJSC shares resumes on the Dubai Financial Market on Wednesday 29 May 2024

Dubai, United Arab Emirates: 27^th May 2024: Eng. Shafiq Abdelhamid, Chairman of the Board of Drake & Scull International PJSC announced today resuming the trade of the company’s shares on the Dubai Financial Market on Wednesday 29^th May 2024.

Eng Shafiq said: “This step comes after the subscription process for the shares of Drake & Scull International PJSC, which began on April 25 and ended on May 10, has achieved a great success, as the proceeds of the increase in new capital exceeded AED 450 million, where the company was able to cover the minimum amount of targeted capital.

This milestone will certainly contribute to completing the restructuring process, as well as working on the growth of Drake & Scull International business and its ability to commit to implementing its future business plan and financing its new projects in all its operating sectors. Additionally, the company intends to use the net proceeds from the capital increase to enhance working capital and capital expenditures and support operations, as well as future growth and any potential acquisitions”.

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