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Drake & Scull appoints restructuring committee

2019-02-19 12:21:26 GMT (Economies.com)
 

Dubai’s Drake & Scull International (DSI) has appointed a committee for its restructuring, which comprises Khaled Jarrar as group chief financial officer, Mohamed Ghanem as chief legal officer and Mike Grant as the chief restructuring officer.

 

DSI’s board of directors added that its ‘Restructuring Committee’, chaired by Obaid Bin Touq (chairman of the board of directors), will also include Khamis Buamim, Ahmad Kilani and Tawfiq Abu Soud (group CEO).

 

Bin Touq said DSI’s board of directors have focused on rebuilding the company’s leadership management team with industry professionals who have experience within the sector.

 

“We believe that these appointments will provide a vital impetus to the company’s ongoing restructuring aims and at the same time support our efforts to put in place a turnaround strategy that will provide a stable platform for the future,” Bin Touq said.

 

He added that the company is working with the relevant government authorities to obtain the necessary approvals so as to be in a position to brief its shareholders on the restructuring plans at the upcoming general assembly meeting.

 

DSI had logged AED 565.1 million net loss for the third quarter of 2018, up from AED 358.9 million net loss in prior-year period. It also posted AED 747.9 million net loss for the first nine months of 2018, from AED 1.396 billion loss in the corresponding period of 2017.

 
 
 
  Symbol Last Change Chg.%
1.0754
0.0101
0.9500%
1.2647
0.0085
0.6746%
22.069
0.157
0.717%
114.145
4.006
3.637%
117.40
3.58
3.15%
1852.410
-4.025
0.217%
 
 
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