DUBAI: Drake and Scull International (DSI) has closed the subscription for new capital, with proceeds exceeding AED450 million.

The company stressed that the subscription process, for the period of 25th April and 10th May at a discounted rate of 25 fils per share, exceeded one and a half times the minimum required to complete the restructuring process.

The company’s new capital will amount to AED2.887 billion, distributed over 2.887 billion shares. DSI’s shares will resume trading on the Dubai Financial Market on 20th May, after completing the procedures required by the regulatory and supervisory authorities.

Chairman of the Board of DSI Shafiq Abdelhamid emphasised that the company is determined to recapture its prominent position in the construction industry. This resolve is especially fuelled by the remarkable expansion witnessed in the regional real estate market, particularly in the UAE.

Source: Emirates News Agency