Following ESCA's approval granted in June 2009, DSI began a buying campaign to buy back up to 10% of its shares. As of September 15, DSI has bought back over 30 million shares.
DSI CEO Khaldoun Tabari describes the buyback as an investment in the company's own growth which adds great value to the company, as well as its existing and future investors.
"We are investing in our future and the board feels this is the best way we can support our company as we move forward. We have approved a strategy which will see the company continue the growth it has made over the past year, expanding both vertically and horizontally. We have secured contracts for a number of mega-projects so far this year and there are still some exciting developments to be announced," he added.
DSI is a leading UAE-based end-to-end service provider of MEP contracting, IWP and civil contracting services. On March 16 2009, DSI became the first specialist contracting company to list on the Dubai Financial Market (DFM).
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Drake and Scull International buy back 8 million shares
- United Arab Emirates: Thursday, September 17 - 2009 at 10:23
- PRESS RELEASE
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Drake and Scull International PJSC (DSI) has bought back eight million shares, this week, after temporarily halting its share buyback while announcing its Q2 results, in line with Emirates Securities and Commodities Authority (ESCA) regulations which stipulate that no listed company may buy back shares two weeks prior and three days following announcing of financial results.
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Posted by Rana MesbahThursday, September 17 - 2009 at 10:23 UAE local time (GMT+4)
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About Drake & Scull International PJSC:
Drake & Scull International is an integrated end-to-end service provider in the field of electrical and mechanical engineering and has provided innovative solutions to customers since its inception in the UAE in 1966. Our expertise in mechanical, electrical and plumbing (MEP) contracting spans from providing complete solutions through Design and Build to Engineering, Procurement and Construction (EPC), and civil contracting services across the Emirates as well as Infrastructure, Water & Power solutions and across the Middle East and North Africa.
For further information, please contact:
Cicero & Bernay Public Relations
Dalal Demashkieh
Account Director
T: + 971 4 334 2966
F: + 971 4 334 2977
or
Drake & Scull International PJSC
Mariana Missakian
Corporate Communications Manager
T: +971 4 8112300
Drake & Scull International is an integrated end-to-end service provider in the field of electrical and mechanical engineering and has provided innovative solutions to customers since its inception in the UAE in 1966. Our expertise in mechanical, electrical and plumbing (MEP) contracting spans from providing complete solutions through Design and Build to Engineering, Procurement and Construction (EPC), and civil contracting services across the Emirates as well as Infrastructure, Water & Power solutions and across the Middle East and North Africa.
For further information, please contact:
Cicero & Bernay Public Relations
Dalal Demashkieh
Account Director
T: + 971 4 334 2966
F: + 971 4 334 2977
or
Drake & Scull International PJSC
Mariana Missakian
Corporate Communications Manager
T: +971 4 8112300
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