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Monday, 19 June 2017

UPDATE 1-Dubai's DSI to complete capital reduction by end of third quarter | Reuters

UPDATE 1-Dubai's DSI to complete capital reduction by end of third quarter | Reuters:

"Dubai-based contractor Drake & Scull International (DSI) expects to complete a plan to reduce its capital by 75 percent by the end of the third quarter, deferring the process by one month, its chief executive said on Sunday.

The capital reduction is the first phase of a plan to revive DSI's fortunes amid a slump in the Gulf's construction market as governments have cut back on project spending as a result of the fall in oil prices.

Strategic investor Tabarak Investment has become DSI's biggest shareholder after acquiring the shares of former chief executive Khaldoun Tabari, DSI confirmed last week. Tabarak's stake stands at about 18 to 20 percent after the sale, Zawya, a Thomson Reuters service, reported on June 11, citing a source."



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