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Drake & Scull EGM to consider restructuring plan April 1

2019-03-14 11:19:11 GMT (Economies.com)
Drake & Scull EGM to consider restructuring plan April 1
 

Dubai’s Drake & Scull International (DSI) will hold an extraordinary general assembly meeting on Monday, April 1, to look into the restructuring plan for the company and its subsidiaries.

 

The EGM will discuss authorizing the board of directors to liquidate, shut down or sell some of the company’s branches or subsidiaries.

The contractor said earlier last month it 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 have focused on rebuilding the company’s leadership management team with industry professionals who have experience within the sector.

 

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.%
1.1322
-0.0004
0.0309%
1.3122
-0.0174
1.3120%
15.491
0.196
1.282%
59.767
1.385
2.372%
67.81
-0.06
0.09%
1311.260
8.950
0.687%
 
 
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