By: Mahmoud Gamal

Dubai – Mubasher: The stock of Drake and Scull International (DSI) fell during Tuesday’s session in line with the company’s intention to gradually withdraw from the Saudi market.

DSI stock levelled down 1.9% to reach AED 0.476 by 12:15pm UAE time; the lowest level in five months.

The company’s stock performance followed the interview held by Reuters with DSI’s chief financial officer. “Drake & Scull has held informal talks with advisers in recent weeks on a possible business review and on finding new equity for the company, Kailash Sadangi said in a telephone interview.”

DSI stock saw 260 transactions by 36.57 million shares at a value of AED 17.52 million.

DSI’s plans to narrow its business in external markets, especially Saudi Arabia, confirm the challenges the company is currently facing to collect its dues in the kingdom, capital market analyst Nawaf Al-Otaibi said.

Translated by: Ingy ElSafy