Complex Made Simple

DSI’s shareholders approve $15m bond plan

Dubai construction firm Drake & Scull International has said its shareholders have approved issuing a Dhs55m ($15m) convertible bond to allow a strategic investor to buy into the company, Reuters has reported. The company, which did not reveal the identity of the investor, said the shareholders’ meeting took place on Sunday and also granted permission for the board to negotiate the terms of the convertible bond issue.