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Sunday, 7 May 2017

MIDEAST STOCKS-Dubai's Drake & Scull slumps; oil below $50 drags region down | Reuters

MIDEAST STOCKS-Dubai's Drake & Scull slumps; oil below $50 drags region down | Reuters:

"Shares of Dubai builder Drake & Scull (DSI) slumped to a 14-month low in heavy trade early on Sunday morning as investors worried about its capital restructuring, while petrochemicals weighed on Saudi Arabian stocks after crude oil prices tumbled. Dubai's stock index fell 0.5 percent as DSI dropped 8.6 percent to 0.405 dirham after a shareholder meeting held on Thursday. Shareholders "unanimously expressed no interest" in a 500 million-dirham ($136 million) capital increase via a new share issue at 1 dirham per share, the company said. It added that Tabarak Investment, a Dubai-based investment firm, had agreed to buy the shares, which would be issued if the securities regulator approved a further capital reduction by DSI."



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