Drake & Scull International P.J.S.C

On February 26th, 2024, the Board of Directors of Drake & Scull International PJSC held its first meeting of the year. The Board approved the minutes of the previous meeting and decided to call a General Assembly meeting as soon as possible, subject to the approval of the Securities and Commodities Authority (SCA) and Dubai Financial Market (DFM). The Board plans to discuss and approve the resumption of trading of the Company’s shares, increase in the share capital of the Company according to the terms approved by SCA and DFM, and the Company being an obligor in respect of a mandatory convertible Sukuk issuance aligned with the settlement plan.

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.