Drake & Scull gets OK for finance restructure

Dubai contractor Drake & Scull International has received regulatory approval for its capital restructuring programme that will see its share capital reduced from Dh2.28 billion to Dh571 million on October 2. The contractor has also obtained regulatory approval for the subsequent capital increase through the issuance of 500 million new shares to Tabarak Investment. The 500 million new shares will be listed on the Dubai Financial Market on Sunday, October 1, after trading hours. Upon completion of the listing of the new shares, the share capital of the company will increase from Dh571m to Dh1.07bn.