PHOTO
The return of Drake & Scull (DSI) to the Dubai stock market has been delayed as the contractor awaits approvals to being trading after a five-year suspension due to restructuring.
The company previously announced in a press release that it would resume trading Tuesday May 21, but it said in a bourse filing today that it would announce updates on the approval process and a specific date for trading to resume on Dubai Financial Market (DFM) after obtaining regulatory and supervisory authority approval.
DSI raised AED 450 million ($122.5 million) or 150% of the sum required for its recent capital increase, the bourse filing said, to complete its restructuring.
DSI did not respond to Zawya’s query for a comment.
(Writing by Imogen Lillywhite; editing by Seban Scaria)
