{"id":49305,"date":"2017-03-24T02:07:51","date_gmt":"2017-03-23T19:07:51","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=49305"},"modified":"2017-03-23T23:27:00","modified_gmt":"2017-03-23T16:27:00","slug":"dsi-sells-share-in-one-palm-to-omniyat","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dsi-sells-share-in-one-palm-to-omniyat\/","title":{"rendered":"DSI sells share in One Palm to Omniyat"},"content":{"rendered":"


\nDrake & Scull International (DSI), the Dubai-based contractor, yesterday said it sold its ownership share in the One Palm residential real estate development in Dubai to luxury developer Omniyat Properties for Dh300 million. The struggling construction company said in a statement it would continue to sell non-core assets and non-performing subsidiaries to generate cash for its business. “This transaction marks an important milestone in the Drake & Scull International turnaround and capital restructuring plan that was initiated in the fourth quarter of 2016,” the company said. “The company is progressing steadily with its divestment programme and will continue to pursue the disposal and monetisation of its non-core assets and non-performing subsidiaries to generate cash for the business.” Settlement of the sale of DSI’s share in One Palm will be completed in phases during this year, it said. The first phase of the payment plan, the size of which was not disclosed, has been approved and will be disbursed this month. Subsequent payments will be announced upon finalisation, the company said. DSI, which specialises in mechanical, electrical and plumbing work, said last month that 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. That commitment will be discussed at DSI’s annual general meeting of its shareholders next month where it is expected that this measure along with a number of others will be approved, the company said. DSI said earlier this year that losses for the fourth quarter of 2016 widened to Dh490m, compared with a loss of Dh14.7m a year earlier. Revenue shrank to Dh3.24 billion last year from Dh4.2bn in 2015. Its loss last year, however, shrank to Dh786.9m from Dh938.8m in 2015. mkassem@thenational.aeFollow The National’s Business section on Twitter
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\nSource : thenational.ae
\nRead more…DSI sells share in One Palm to Omniyat<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Drake & Scull International (DSI), the Dubai-based contractor, yesterday said it sold its ownership share...<\/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-49305","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-cPf","jetpack-related-posts":[{"id":8764,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-project-with-citys-most-expensive-apartment-appoints-contractor\/","url_meta":{"origin":49305,"position":0},"title":"Dubai project with city's most expensive apartment appoints contractor","date":"March 22, 2016","format":false,"excerpt":"\r \r The developer Omniyat has appointed the contractor Brookfield Multiplex to build its Dh2 billion One at Palm Jumeirah project.The company said that the 107,795 square metre building, consisting of a ground floor and 23 storeys at the first plot on the Palm Jumeirah's trunk, is expected to take\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":51160,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/drake-scull-looks-to-finalise-dh600m-capital-raise-this-month-says-chief-executive\/","url_meta":{"origin":49305,"position":1},"title":"Drake & Scull looks to finalise Dh600m capital raise this month, says chief executive","date":"April 7, 2017","format":false,"excerpt":"\r Dubai-based contractor Drake & Scull International aims to fin\u00adalise by the end of this month a capital-raising exercise that will result in Dh600 million invested into the business.Wael Allan, the company's chief executive, told The National that alongside a binding offer from Tabarak Investment to inject Dh500m into the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":51154,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/drake-scull-looks-to-finalise-dh600m-capital-restructuring-this-month\/","url_meta":{"origin":49305,"position":2},"title":"Drake & Scull looks to finalise Dh600m capital restructuring this month","date":"April 7, 2017","format":false,"excerpt":"\r Dubai-based contractor Drake & Scull International aims to fin\u00adalise by the end of this month a capital-raising exercise that will result in Dh600 million invested into the business.Wael Allan, the company's chief executive, told The National that alongside a binding offer from Tabarak Investments to inject Dh500m into the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":50237,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/drake-scull-breaches-terms-of-bank-loans\/","url_meta":{"origin":49305,"position":3},"title":"Drake & Scull breaches terms of bank loans","date":"March 30, 2017","format":false,"excerpt":"\r The contractor Drake & Scull International has breached covenant terms of its sukuk and other loans, according to the company's newly filed audited accounts. The company had a conditional waiver in place with its lenders, but according to the accounts statement filed on the Dubai Financial Market it was\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":49305,"position":4},"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":49305,"position":5},"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 News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/49305"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=49305"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/49305\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=49305"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=49305"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=49305"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}