Ajman Bank denies direct, indirect investments in Drake and Scull International

The bank's stake in DSI was collateral for a credit facility

  
General view of Dubai's cranes at a construction site in Dubai, UAE December 18, 2018. Image used for illustrative purpose.

General view of Dubai's cranes at a construction site in Dubai, UAE December 18, 2018. Image used for illustrative purpose.

REUTERS/Satish Kumar

Dubai – Mubasher: Ajman Bank on Tuesday confirmed that it has no direct or indirect investments in Drake and Scull International (DSI).

The bank added in a statement that its stake in DSI was collateral for a credit facility granted to one of its clients.

According to the Dubai Financial Market (DFM), Ajman Bank holds 13.06% of DSI’s shares.

In November, the DFM suspended trading on DSI’s stocks until further notice.

The Dubai-listed developer reported a 280% year-on-year loss increase for the full-year 2018, recording AED 4.50 billion ($1.22 billion) last year.

Source: Mubasher

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