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Share application forms will be available from selected branches of the following receiving banks: Emirates-NBD, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Bank, Dubai Islamic Bank, First Gulf Bank, National Bank of Abu Dhabi, Mashreq, Noor Islamic Bank and Union National Bank. Emirates NBD is the Lead Receiving Bank.
Khaldoun Rashid Tabari, Chief Executive Officer, Drake & Scull International commented:
"Our strong track record of delivering high quality work within strict timeframes and budgets ideally positions us to take advantage of the significant growth opportunities in construction across the Middle East and North Africa. We are increasingly becoming a preferred provider to some of the most respected developers and contractors. We now need further capital to progress our growth strategy and secure raw material supplies. We look forward to continuing our long history of delivering strong returns as a public company."
DSI is a UAE-based public joint stock company ("PJSC"), under incorporation and is one of the oldest and most experienced MEP contracting and civil contracting firms in the UAE.
MEP and civil contracting activities include; distribution systems for electrical power, lighting systems, low-voltage systems, heating, ventilation, AC, refrigeration, district cooling, plumbing, sewage treatment, and process and high purity piping systems.
DSI is offering 1,197,777,778 shares, which represents 55% of the Company, to UAE and non-UAE individuals and institutional subscribers (the "Offering") and aims to raise in excess of Dhs1.198bn (over $325m).
Each share will be priced at DHS 1 (the "Offer Price") plus an offering cost of Dhs0.02 per share, with a minimum subscription of 20,000 shares.
The Offering will close on 17 July 2008, following which DSI will be incorporated and will then seek to list its shares on the DFM.
Post incorporation, DSI will be capitalised at over Dhs2.178bn.
The Company is expected to list on the Dubai Financial Market in the third quarter of 2008.
DSI intends to use the proceeds from the Offering to enhance its leadership position in the UAE and expand its activities in the MENA region through a combination of organic growth and strategic acquisitions.
DSI is currently evaluating a number of companies as potential acquisitions that would extend its geographical presence in the leading construction markets in the MENA region.
The Company is also planning to secure access to raw materials by acquiring highly reputable supply companies as part of its vertical integration strategy.
Posted by Eman Hassan
