Dubai, United Arab Emirates: - Drake & Scull International PJSC (DSI) has formally requested the attendance of its shareholders at the rescheduled General Assembly meeting set for April 1. This comes after the initial meeting held on March 27, failed to meet the required quorum. The meeting will be held in person at the Gulf Court Business Bay Hotel in Dubai, UAE and virtually. The assembly will discuss several important matters concerning the company's future, the financial restructuring plan and capital increase up to AED 600 million.

Eng. Shafiq Abdelhamid, Chairman of the Board of Drake & Scull International PJSC, reassured stakeholders of the company’s readiness for the upcoming General Assembly meeting. He emphasized the significance of highlighting the feasibility and indicators of the primary restructuring. This includes writing off 90% of the financial and trade creditors' dues and issuing a mandatory convertible sukuk that will be converted into shares after five years against the remaining 10%.

In a detailed explanation of the restructuring's feasibility, Eng. Shafiq Abdelhamid said that the value added by the restructuring lies in fulfilling the above-mentioned mechanism, in addition to advancing and paving the way for future projects in four specialized business units: Drake & Scull Engineering, Passavant Energy & Environment, Drake & Scull Oil & Gas, and Drake & Scull Development.

He also stressed the importance of shareholders attending this General Assembly meeting and voting in favor of strategic decisions regarding the company's capital increase, crucial for resume trading of the company's shares on the Dubai Financial Market. This includes setting the business plan, outlining the strategic future outlook for company management and other key milestones outlined in the General Assembly's invitation.

Topics on the agenda for the assembly:

  1. Reviewing the disclosure statement regarding the company's capital restructuring plan, presenting the business plan and future outlook for managing the company.
  2. Reviewing the company's board report regarding the capital increase and its utilization aspects, determining the fair value of the company presently and after debt write-off and adopting it with the assembly's approval.
  3. Approval for resuming trading on the company's shares upon the successful completion of the capital increase subscription.

It is worth mentioning that Drake & Scull also collaborated with several advisors, significantly contributing to the restructuring plan, including “Aaronite” the chief restructuring officer and “Trussbridge” as the main financial restructuring advisor. The legal advisors included “Hadef & Partners” and “Allen & Overy LLP”, as well as “Dar Al Sharia” providing Sharia-compliant legal and financial consulting.

Adding to that above, “Linklaters” has been assigned as the legal advisor for creditors, “Deloitte” provided financial advisors for creditors, “INP”- Ibrahim & Partners as advisor for the capital increase, “KPMG” as evaluation advisor and  “Emirates NBD” as the lead manager for the capital increase.

About Drake & Scull International PJSC:

Drake & Scull International PJSC (DSI) is a global industry leader delivering state-of-the-art projects and solutions across its high-performance sectors including electromechanical, integrated design, engineering, and construction, for water, power and oil and gas sectors.Through our operations, we provide integrated design, smooth functionality, and efficiency from start to finish. From Infrastructure Development, Waste to Energy, Data Centres Development, Mechanical Electrical and Plumbing (MEP) to Renewable Energy.

Drake & Scull continues to be at the helm, driving the market forward through our people, passion, and innovation for more than 135 years.

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For media inquiries, please contact:
Linda AbdulHay
PR Consultant
Drake & Scull International
Linda.abdulhay@drakescull.com