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Drake & Scull: We are focused on obtaining court approval to be able to restructure

Dubai – Mubasher: Shafeeq Abdul Hamid, Chairman of the Board of Directors, said: Drake and ScullThe company is currently in the process of focusing on obtaining the approval of the competent court to be able to implement the restructuring plan.

He pointed out that the court decided to appoint an expert to review the validity of the measures taken by the company for the purpose of restructuring, during last April, according to a press release.

He stressed that if the court procedures are completed successfully, the company will be allowed to issue mandatory convertible sukuk, complete the issuance of initial rights to existing shareholders, and resume trading in shares on the Dubai Financial Market..

company said Drake & Scull InternationalToday, its accumulated losses constitute 460% of its capital.

In a statement on the Dubai Financial Market, the company stated that the amount of accumulated losses amounted to 4,926 million dirhams out of its capital of 1,071 million dirhams..

In a statement on the Dubai Financial Market, the company indicated that its profits amounted to 23.1 million dirhams by the end of 2021, compared to profits of 94.9 million dirhams during the same period in 2020.

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