{"id":44119,"date":"2017-02-14T16:40:45","date_gmt":"2017-02-14T09:40:45","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/contractor-drake-scull-to-raise-capital-after-loss\/"},"modified":"2017-02-14T21:32:51","modified_gmt":"2017-02-14T14:32:51","slug":"contractor-drake-scull-to-raise-capital-after-loss","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/contractor-drake-scull-to-raise-capital-after-loss\/","title":{"rendered":"Contractor Drake & Scull to raise capital after loss"},"content":{"rendered":"


\nDrake & Scull International has become the second Dubai contractor in as many days to announce a capital raising after the company reported a Dh786.9 million loss for 2016.The company, which specialises in mechanical, electrical and plumbing work, said it had secured a commitment from Dubai-based investment bank Tabarak Investment to inject Dh500m into the company as part of a capital restructuring plan.According to its website, Tabarak offers investment and advisory services, among other areas. Tabarak could not be reached for comment.The contractor, however, needs the approval of shareholders and the regulator, Sec\u00adurities and Commodities Authority for the capital-raising exercise. Shareholders will vote at the company’s annual general meeting in April on whether to approve the capital restructuring plan, the company said.DSI reported that losses for the year shrank from Dh938.8m in 2015 to Dh786.9m in 2016. However, the company said that losses for the fourth quarter of 2016 stood at Dh490m, compared with Dh14.7m a year earlier. Revenue shrank to Dh3.24 billion last year from Dh4.2bn in 2015. DSI said that the group had been hit by cost overruns and revenue reversals on disputed legacy projects, primarily in the civil sector and in Saudi Arabia.The company said it planned to focus in future on the regional engineering sector.”Today we are announcing the initial steps to stabilise and turn around our business,” said Wael Allan, Drake & Scull’s chief executive. “The capital reduction is an important milestone in our recapitalisation programme and is a strategic move to improve the balance sheet and the capital structure.”I would like to reiterate that we are dedicating our efforts to regain business momentum and to restore our leadership position in the regional engineering sector. Our focus has shifted to building a clear path of sustainable growth, driven mainly by our core MEP \u00adbusiness.”DSI shares closed up 6.9 per cent at 51 fils.On Monday, Arabtec announced a Dh1.5bn rights issue after it posted a Dh3.4bn 2016 loss. __________________________________Earnings reports\u25a0 ADIB fourth-quarter profit lower on bad debt provisioning\u25a0 Aldar fourth-quarter profit dips 1 per cent amid ‘softer operating market’\u25a0 Quarterly profit slips 9% for Amanat Holdings\u25a0 Arkan Building Materials annual profit declines 25%\u25a0 Damac Properties’ fourth-quarter net profit rises 1.3%\u25a0 Du fails to offset royalty payment rise as profit falls\u25a0 Emaar Properties fourth-quarter net profit up 56%\u25a0 Etisalat profit edges up on growing UAE revenue\u25a0 Manazel Real Estate profit rises 16% in second half\u25a0 Marka will continue with cost-cutting after second straight annual loss\u25a0 Union National Bank’s fourth-quarter profit rises 29%, missing forecasts__________________________________lbarnard@thenational.ae* with additional reporting from ReutersFollow The National’s Business section on Twitter
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\nSource : thenational.ae
\nRead more…Contractor Drake & Scull to raise capital after loss<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Drake & Scull International has become the second Dubai contractor in as many days 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-44119","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-btB","jetpack-related-posts":[{"id":57520,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/former-drake-scull-chairman-sells-stake-at-dubai-contractor\/","url_meta":{"origin":44119,"position":0},"title":"Former Drake & Scull chairman sells stake at Dubai contractor","date":"June 12, 2017","format":false,"excerpt":"\r The former Drake & Scull chairman Khaldoun Tabari has sold his stake in the contractor Drake & Scull to the company pledging to put Dh500 million of new money into the business.Mr Tabari is understood to have completed a transaction to sell his remaining stake in the Dubai-based contractor\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":57616,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/former-drake-scull-vice-chairman-sells-stake-at-dubai-contractor\/","url_meta":{"origin":44119,"position":1},"title":"Former Drake & Scull vice-chairman sells stake at Dubai contractor","date":"June 12, 2017","format":false,"excerpt":"\r The former Drake & Scull vice-chairman Khaldoun Tabari has sold his stake in the contractor Drake & Scull to the company pledging to put Dh500 million of new money into the business.Mr Tabari is understood to have completed a transaction to sell his remaining stake in the Dubai-based contractor\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":51723,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/tabarak-to-become-majority-owner-of-drake-scull\/","url_meta":{"origin":44119,"position":2},"title":"Tabarak to become majority owner of Drake & Scull","date":"April 13, 2017","format":false,"excerpt":"\r Dubai-based contractor Drake & Scull International (DSI) has revealed the terms of its recapitalisation and set a date for shareholders to decide on whether to approve the deal that will help it wipe out accumulated losses of about Dh1 billion and make Tabarak Investment its biggest shareholder.The company is\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":53996,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/drake-and-scull-shareholders-reject-groups-capital-raising-plan\/","url_meta":{"origin":44119,"position":3},"title":"Drake and Scull shareholders reject group's capital-raising plan","date":"May 8, 2017","format":false,"excerpt":"\r Shares in Dubai-based contractor Drake and Scull International (DSI) fell to their lowest level in 15 months on Sunday after the shareholders voted to further increase the company's planned capital reduction and refused to subscribe to a capital raising.Drake and Scull shares fell by 9.93 per cent during trading\u2026","rel":"","context":"In "Property 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