Drake & Scull International P.J.S.C

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.

On 23rd October 2023, the Board of Directors of Drake & Scull International PJSC made decisions concerning operational and regular matters of the company. This information was communicated by the Board Secretary, Dana Abu Alghanam, to Mr. Hamed Ahmed Ali, the CEO of Dubai Financial Market.

The CEO of Dubai Financial Market, Mr. Hamed Ahmed Ali, has received a letter from Shafiq Abdulhamid, Chairman of Drake & Scull International PJSC. The letter informs that the Board of Directors of Drake & Scull International PJSC will make decisions via circulation on 23rd October 2023, to discuss routine matters and operational business of the company.