Press releases, Reports & Disclosures for Drake & Scull International P.J.S.C

On 7th December 2023, Drake & Scull International PJSC issued a disclosure regarding the restructuring proceedings of the company. The disclosure referenced an appeal submitted to the Dubai Court and announced the appointment of Mr. Reda Darwish Al Rahma as the Secretary of the procedures by the Court of Appeals. The announcement was published in Al-Bayan and Gulf News newspapers, allowing unregistered creditors to register their names within twenty days from the date of publication.

On November 23, 2023, the Board of Directors of Drake & Scull International PJSC held its fifth meeting of the year. During the meeting, the board approved the minutes from the previous meeting and also decided to call the Annual General Assembly meeting. The purpose of the General Assembly meeting is to consider and approve an increase in the company's share capital through a rights issue to existing shareholders.

On November 20, 2023, Shafiq Abdulhamid, Chairman of Drake & Scull International PJSC, informed H.E. Dr. Maryam Buti Al Suwaidi, CEO of the Securities and Commodities Authority, and Mr. Hamed Ahmed Ali, CEO of Dubai Financial Market, that the company's Board of Directors will hold its fifth meeting of the year on November 23, 2023. The meeting will discuss approval of previous minutes, potential convening and agenda setting for the General Assembly meeting (subject to regulatory approvals) for capital restructuring, routine and operational business, and any other items suggested by board members.

Drake & Scull International (DSI), a UAE-based leader in integrated design, engineering, and development, has released its Q3 2023 financial results. The company reported a gross profit of AED 7 million, up from AED 4 million in Q3 2022. However, DSI also reported a loss from continued operations of AED 195 million, an increase from AED 158 million in the same period in 2022. The company's general and administrative expenses were reduced by 40% to AED 23 million. Accumulated losses and total negative equity also increased. The main causes of the loss were net financing cost, bond encashment and commercial cases. DSI's order backlog stands at AED 464 million, driven by operations in the UAE and abroad.

The text refers to the interim condensed consolidated financial statements of Drake and Scull International PJSC and its subsidiaries. These statements, which are unaudited, are dated 30 September 2023.

On November 9th, 2023, a letter was sent by Dana Abualghanam, the Board Secretary of Drake & Scull International PJSC, to Mr. Hamed Ahmed Ali, CEO of Dubai Financial Market. The letter informed that the company's Board of Directors held their fourth meeting of 2023 via Zoom on November 8th, 2023. The board approved the minutes of the previous meeting and the decisions taken on October 30th, 2023. They also approved the unaudited financial results for the second quarter ending on December 31st, 2023, and discussed routine and operational matters of the company.

The Board of Directors of Drake & Scull International PJSC will hold its fourth meeting of 2023 on Thursday, 9th November 2023 at 11:00 AM via Zoom. The agenda items for the meeting include reviewing and approving the previous meeting's minutes, reviewing and approving the company's unaudited financial statement for the third quarter of 2023, discussing routine matters and operational business of the company, and other discussions. The information was conveyed by Shafiq Abdulhamid, Chairman of the company.

The Dubai Court of Appeal has approved the restructuring plan of Drake & Scull International PJSC (DSI), a leader in integrated design, engineering and construction disciplines. The court's decision, disclosed to the Dubai Financial Market, includes the approval of the company's restructuring plan, the appointment of an expert to oversee the restructuring, and a 12-month period for the company and its subsidiaries to implement the plan. The court also halted all judicial procedures against the company. The restructuring plan involves writing off 90% of the company's debts and raising the company's capital to support its financial position and operational activity.

On November 1, 2023, Drake & Scull International PJSC announced that the Court of Appeals had approved the company's restructuring plan. This plan was previously agreed upon by the majority of the company's creditors. As part of the judgment, an expert will be appointed to oversee the restructuring procedures and a 20-day deadline will be set for unregistered creditors to register their names. Following this, a final list of all creditors and their respective debt amounts will be established. The company and its subsidiaries have been given twelve months to implement the restructuring plan from the date of the final creditor list's release. This period may be extended depending on the progress of the restructuring procedures and the prevailing circumstances. The court also decided to halt all judicial proceedings against the company and its subsidiaries and suspended any execution measures against them.