2024-04-25 21:27:14
Dubai (Etihad)
The subscription process for the capital increase of Drake & Scull International began yesterday Thursday and will end on May 10, 2024. The subscription process is considered one of the last steps to complete the restructuring process, and the amount of the subscription amounts to 600 million. dirhams distributed in 2.4 billion shares, which represents an opportunity to strengthen the company’s capacity and obtain sufficient cash flow to cover its business plan, implement it as needed and achieve her goals.
According to a press release published by the company, shareholders will benefit from the subscription of new shares at the reduced price of 25 fils per share. The underwriting process will take place through Emirates NBD main offices, in addition to Commercial Bank of Dubai branches in Abu Dhabi, Dubai and Sharjah.
According to the company’s statement, to participate in the capital increase, shareholders must ensure that their name is included in the company’s share register maintained by the Dubai Financial Market before the end of market working hours financial institution of Dubai on the due date, i.e. April 24. 2024, in addition to the need to have an investor number registered with the Dubai Financial Market to be able to subscribe to the new shares.
In this context, the company indicated that it was able to fulfill all the requirements aimed at its restructuring, since its general meeting, which was held on April 1, 2024, approved the proposals of its board of directors aimed at the restructuring. restructure and increase its capital. . In accordance with the requirements of the Securities and Commodities Authority, the opening of the door for subscription of shares will be limited to current shareholders, and trading of the company’s shares is expected to resume on May 21, 2024.
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