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Dubai – Drake and Scull International (DSI) has announced that Tabarak Investment’s stake in the company has reached 13.26% or 142.15 million shares, on Monday.
Tabarak Investment, a subsidiary of Tabarak Commercial Investment, will remain a “strategic investor” in DSI, the UAE-based developer added in a bourse statement.
“The changes in Tabarak’s ownership in DSI are a result of the margin calls executed by financial institutions during the month of July 2018, which instigated the sale of DSI’s shares under the terms of a financial agreement,” the statement showed.
Earlier in July, the former CEO of DSI, Khaldoun Al Tabari, denied news reported by Bloomberg claiming that he owed the Dubai-listed company AED 1 billion.
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