{"id":91963,"date":"2024-05-14T00:00:00","date_gmt":"2024-05-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/drake-scull-can-now-relist-on-the-dfm-after-raising-aed-450-mn-in-capital-boost\/"},"modified":"2024-05-14T00:00:00","modified_gmt":"2024-05-14T00:00:00","slug":"drake-scull-can-now-relist-on-the-dfm-after-raising-aed-450-mn-in-capital-boost","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/05\/14\/drake-scull-can-now-relist-on-the-dfm-after-raising-aed-450-mn-in-capital-boost\/","title":{"rendered":"Drake & Scull can now relist on the DFM after raising AED 450 mn in capital boost"},"content":{"rendered":"

Dubai-based contractor Drake & Scull raised over AED 450 mn in a capital <\/strong>increase<\/strong>, making it eligible to re-list the DFM, according to a press release<\/a>. The capital increase \u2014 which comes as part of its restructuring plans \u2014 brings its total issued capital to around AED 2.89 bn, distributed over some 2.89 bn shares.<\/p>\n

REMEMBER- <\/strong>The company planned to issue up to 2.4 bn new shares<\/a> \u2014 or AED 600 mn worth of shares \u2014 as part of its restructuring plans to resume trading on the DFM. The minimum threshold that would allow the company to relist on the DFM was AED 300 mn. <\/p>\n

The details: <\/strong>Shares in the capital increase were priced at a markdown of 75 fils from their fair value, at 25 fils per share. The markdown will be recorded as a negative reserve on the company\u2019s balance sheet. <\/p>\n

Where will the funds go? <\/strong>The raised funds will cover debts, former employee payouts, government fees, and support operational activities and potential acquisitions.<\/p>\n

Background: <\/strong>The DFM approved<\/a> its restructuring plan \u2014 which will write off 90% of its debt \u2014 back in November 2023, which it was required to implement within a year from approval. The construction company was suspended from trading in November 2018 on the back of excessive financial losses and reporting violations.<\/p>\n

What\u2019s next? <\/strong>The company\u2019s shares will resume trading on the DFM within the next few days, after completing regulatory requirements, the company said. <\/p>\n

ADVISORS- <\/strong>Emirates NBD Capital served as lead manager and bookrunner, while Emirates NBD Bank served as lead receiving bank.<\/p>\n","protected":false},"excerpt":{"rendered":"

The capital increase comes as part of wider restructuring plans after it was suspended from trading on the DFM in 2018<\/p>\n","protected":false},"author":1,"featured_media":91964,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1547],"tags":[1659,29,130,7],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-91963","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-capital-markets","tag-capital","tag-capital-markets","tag-dfm","tag-enterpriseam-uae","wpautop","entry"],"acf":{"mongo_id":"39a70cf5-950a-43b1-b6dc-5836b846a059","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/881.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Drake & Scull can now relist on the DFM after raising AED 450 mn in capital boost","related_issue":[91957],"teaser":"The capital increase comes as part of wider restructuring plans after it was suspended from trading on the DFM in 2018","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.276ced9f-7528-422d-8e26-ccc35d8dfce6.mp3"},"yoast_head":"\nDrake & Scull can now relist on the DFM after raising AED 450 mn in capital boost - 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