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Dubai’s Drake & Scull Gets Shareholder Nod For Strategic Investor Plan

Dubai’s Drake & Scull Gets Shareholder Nod For Strategic Investor Plan

The company said that its shareholders had approved issuing a bond that would allow a strategic investor to buy into the company.

Dubai construction firm Drake & Scull said on Monday that its shareholders had approved issuing a convertible bond worth Dhs55 million ($15 million) to allow a strategic investor to buy into the company.

The identity of the investor was not disclosed in the bourse filing, which said the meeting took place on Sunday and also granted permission for the board to negotiate the terms of the convertible bond issue.

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