Dubai – Mubasher: Drake and Scull International (DSI) proceeded with the final preparations to get the approval of the Securities and Commodities Authority (SCA) to start its 75% share capital reduction, according to a bourse statement.

The share capital reduction is expected to be completed within six to seven weeks.

The capital reduction through the cancellation of 1.714 million shares will be on a pro-rata basis, allowing the company to extinguish its total accumulated losses attributed to the owners of the parent.

The company will initiate the regulatory and financial procedures to complete the AED 500 million capital increase.