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DSI removes CEO, sells majority stake
The contractor will elect a new set of board of directors during its upcoming general assembly scheduled later this year.
dubai - The construction firm's net losses for Q2 2017 reduced by 12 per cent to Dh199 million
The company said in a statement on Monday that the board also approved former executive vice-chairman Khaldoun Al Tabari's resignation.
It will elect a new set of board of directors during its upcoming general assembly scheduled later this year. The company has decided to appoint four new members to fill the positions vacated by the recent resignation of four members.
Tabarak Investment, which extended a Dh100 million interest-free loan to the Dubai-listed firm, acquired majority stakes from the former CEO. As part of the first phase of restructuring, DSI will see Tabarak Investment's entry as a strategic investor with capital increase by Dh500 million.
The company is in negotiations with lenders for debt restructuring to improve liquidity for extending new credit facilities and extending medium to long-term loans. It expects to conclude the capital restructuring programme by the end of the third quarter of 2017.
In order to improve liquidity, DSI has also finalised negotiations for the release of remaining funds from the sale of its One Palm investment in the third quarter.
"The funds along with the fresh equity infusion from Tabarak Investment will help restore the liquidity of the group, enabling DSI to successfully execute its projects backlog and improve productivity across all operating segments," the company said in the statement.
DSI last month announced appointment of Mohammad Atatreh as its board member, replacing Khalaf Sultan Al Daheri who resigned from the board. Atatreh was a board member of several leading UAE companies, including Tabarak Commercial Investment.
The construction firm's net losses for Q2 2017 reduced by 12 per cent to Dh199 million as compared to Dh226 million during Q2 2016 with one-off provisions and impairments charges of Dh68 million undertaken in the last quarter.
Feras Kalthoum, acting CFO, DSI, said the results of the quarter should be viewed within the context of the company's turnaround plan and the capital restructuring programme and are consistent with financial targets set out at the outset of the fiscal year.
Listed on the Dubai Financial Market, the company's shares plunged more than three per cent to Dh0.366 on Monday. Its counter saw 121 trades with over 21.82 million shares changing hands worth Dh8 million.
Its total backlog stood at Dh6.6 billion as of June 30, 2017 mainly in the mechanical, electrical and plumbing sector. Its quarterly revenues stood at Dh660 million compared to Dh806 million recorded for the same period last year.
- waheedabbas@khaleejtimes.com
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