Drake & Scull International DSI

1.00 -0.07 -6.55 %

DSI to receive Dh100m loan from Tabarak Investment

(8/10/2017 6:05:00 AM)

Drake & Scull International (DSI) has announced that it will receive an interest-free ‘Qard Hasan’ loan of up to Dh100 million from Tabarak Investment as part of company’s capital restructuring programme.

The loan will help meet the immediate working capital requirements of DSI until it completes its capital restructuring programme, which includes a capital increase of Dh500 million to expedite Tabarak Investment’s entry as a strategic investor, the company said. The withdrawal and payment mechanisms of the loan will be mutually agreed upon by the two parties and could be implemented in tranches.