{"id":23821,"date":"2016-08-24T15:35:09","date_gmt":"2016-08-24T08:35:09","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=23821"},"modified":"2016-08-24T14:00:48","modified_gmt":"2016-08-24T07:00:48","slug":"dubais-drake-scull-says-it-has-not-hired-adviser-to-seek-investment","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubais-drake-scull-says-it-has-not-hired-adviser-to-seek-investment\/","title":{"rendered":"Dubai's Drake & Scull says it has not hired adviser to seek investment"},"content":{"rendered":"


\nDubai-listed builder Drake & Scull International has not hired a legal adviser to help to bring a strategic investor into the company, it said on Wednesday.”The company denies the appointment of any legal adviser in connection with bringing in a strategic investor or issuance of mandatory convertible bonds,” the company said in a brief statement to the Dubai stock exchange.”The company will make appropriate disclosures, when such material development comes into effect.”The statement was issued after the company’s chief financial officer, Kailash Sadangi, told Reuters on Monday that Drake & Scull had asked advisers for proposals to review its business and find strategic investors.Sadangi also said at the time that the company had appointed a legal adviser to hold discussions with the UAE stock market regulator, the Securities and Commodities Authority, on the possibility of bringing in strategic investors and regulatory approvals that would be needed.An issue of mandatory convertible bonds is among options being considered and Drake & Scull has made a strategic decision to withdraw gradually from its civil engineering business in Saudi Arabia, Sadangi added. Mandatory convertibles must be changed into underlying shares by a specific date.Like many other Gulf construction companies, Drake & Scull has been hit by an economic slowdown in the region because of low oil prices. In mid-August it reported a second-quarter net loss of Dh207.6 million, compared with a profit of Dh10.3m a year earlier.In its statement on Wednesday, the company did not comment on its business review beyond saying: “Drake & Scull, in its normal course of business, engages consultants, advisers to review its strategy, operations and provide financing solutions for its operations.”business@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Dubai’s Drake & Scull says it has not hired adviser to seek investment<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Dubai-listed builder Drake & Scull International has not hired a legal adviser to help to...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-23821","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-6cd","jetpack-related-posts":[{"id":34240,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubais-drake-scull-posts-narrower-q3-net-loss-amid-cost-cutting\/","url_meta":{"origin":23821,"position":0},"title":"Dubai's Drake & Scull posts narrower Q3 net loss amid cost-cutting","date":"November 14, 2016","format":false,"excerpt":"\r The Dubai construction firm Drake & Scull reported a narrower third-quarter net loss on Monday, partly because of cost-cutting.The firm made a Dh46.3 million loss in the three months to September 30 compared with a Dh877.8m loss in the year-ago period, according to a bourse statement.Drake & Scull also\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":23687,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/drake-scull-international-shares-fall-sharply-in-dubai-as-it-reviews-business-activities\/","url_meta":{"origin":23821,"position":1},"title":"Drake & Scull International shares fall sharply in Dubai as it reviews business activities","date":"August 23, 2016","format":false,"excerpt":"\r Shares in Drake & Scull International (DSI) opened sharply lower on Tuesday morning, after the construction firm said it was reviewing business activities and seeking strategic investors after slipping into the red during the second quarter.DSI shares opened more than 2 per cent lower, after Reuters reported that the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":37454,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/drake-scull-appoints-pwc-to-advise-on-its-financial-state\/","url_meta":{"origin":23821,"position":2},"title":"Drake & Scull appoints PwC to advise on its financial state","date":"December 8, 2016","format":false,"excerpt":"\r Drake & Scull International's board of directors has agreed to the appointment of external consultants to advise on the state of its finances, which are weighed down by uncollected receivables.In a statement to the Dubai Financial Market on Thursday morning, the company said that its board had \"approved appointing\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":37468,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/drake-scull-appoints-pwc-to-review-financial-liabilities\/","url_meta":{"origin":23821,"position":3},"title":"Drake & Scull appoints PwC to review financial liabilities","date":"December 8, 2016","format":false,"excerpt":"\r Drake & Scull International's board of directors has agreed to the appointment of external consultants to advise on the state of its finances, which are weighed down by uncollected receivables.In a statement to the Dubai Financial Market on Thursday morning, the company said that its board had \"approved appointing\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":144765,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/bhm-capital-appointed-as-liquidity-provider-for-drake-scull-shares-on-dubai-bourse\/","url_meta":{"origin":23821,"position":4},"title":"BHM Capital appointed as liquidity provider for Drake & Scull shares on Dubai bourse","date":"May 30, 2024","format":false,"excerpt":"\r The UAE stock market firm will provide liquidity for the global company\u2019s shares on DFM by entering two-way daily quotes into the market trading system\r \r Source : arabianbusiness.com\r Read more...BHM Capital appointed as liquidity provider for Drake & Scull shares on Dubai bourse","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2024\/05\/drake-and-scull-2-1000x667-1.jpg?fit=1000%2C667&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":4726,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-contractor-drake-scull-reports-dh936-million-loss-for-2015\/","url_meta":{"origin":23821,"position":5},"title":"Dubai contractor Drake & Scull reports Dh936 million loss for 2015","date":"February 14, 2016","format":false,"excerpt":"\r \r Dubai-based contractor Drake & Scull reported a Dh936.8 million loss for 2015, which it blamed on the \"unprecendent measures\" it had to take in the third quarter, where it was forced to make Dh984m in provisions relating to an continuing contractual dispute in Saudi Arabia.The company said that\u2026","rel":"","context":"In "Property 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