Drake and Scull International announce date of DFM listing

In July 2008, DSI offered 55% of the company to the public. The shares were priced at Dhs1 each plus an offering cost of Dhs0.02 per share, with a minimum subscription of 20,000 shares. The IPO, which was closed on 17 July, was 101 times oversubscribed. Around 45,600 subscribers applied for DSI shares, investing funds of approximately Dhs124bn.

DSI's CEO and Vice-Chairman, Khaldoun Tabari, says the listing will enable the company to become a key player in the contracting industry due to its strong financial position and focused growth strategy.

Tabari said:

"The main focus of our strategy is to expand across the Mema region with the aim of reaching out to a new customer base through acquisitions, joint ventures and organic growth."

"This will put us in excellent shape at a time when certain markets are witnessing economic slow down. Our aspiration now is to expand our civil contracting services, in addition to our traditional MEP activities in order to accommodate the demand in these growing markets," Tabari added.

DSI are currently working on 35 projects across the region with a total value in excess of Dhs5bn. This strong financial position has been greatly aided by DSI announcing two new contracts in the first quarter of 2009.