DSI sees creditors’ approval of its restructuring plan
Drake & Scull International posts Dh78 million net profit in first half due to ongoing operations in the UAE, Algeria, Tunisia, Palestine, India, Kuwait, Iraq, and Germany
Drake & Scull International (DSI) has posted a net profit of Dh78 million for the first six months of 2021 and expects approval from the creditors of its restructuring plan in the coming weeks.
The Dubai-based construction firm recorded revenues of Dh82 million with the order backlog stable at Dh353 million, driven by ongoing operations in the UAE, Algeria, Tunisia, Palestine, India, Kuwait, Iraq, and Germany.
The company said the financial restructuring is progressing positively.
“We have made good progress on the restructuring. We now have a fully documented legal agreement with a group of the largest lenders. The details of the restructuring plan were presented to all creditors to initiate the voting, and we are progressing towards securing the required approval of two-thirds of creditors by value. In parallel, we have made an application to the Dubai Courts so as to obtain Court approval of the restructuring plan after the creditor’s voting is completed,” said Shafiq Abdelhamid, chairman of DSI.
He said the legal documents that comply with both conventional and Islamic Shariah requirements have been released to all 600 creditors. "Approval from the creditors is now being sought and we are targeting the creditors’ approval in the coming weeks. The required threshold to approve the restructuring Plan is two-thirds by the value of the registered creditors as published in the newspapers by the FRC appointed Expert on February 4, 2021,” he added.
As part of the restructuring plan, the company's capital will be raised, and priority in subscribing to new shares will be given to existing shareholders, after the completion of a positive vote on the plan and obtaining the approval of the court and other regulatory bodies, the company said.
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