Dubai – Mubasher: The issue price of Drake and Scull International’s (DSI) new shares is not final, Ziad Makhzoumi, the advisor to the Dubai-listed developer’s board, told CNBC Arabia on Wednesday.

Earlier in April, DSI’s ordinary general meeting (OGM) approved the inclusion of a new item in its agenda concerning the increase of the company’s capital by AED 500 million through issuing new shares at a par value of AED 1.25.

The AED 1.25 is a minimum value, while the final price will be discussed in the coming OGM, Makhzoumi added.

The proposal to increase capital through a strategic partnership is not a final choice either as DSI may resort to the convertible sukuk option, the DSI board advisor revealed.

By increasing its capital, the Emirati developer aims to finance the second phase of its restructuring plan to enable the company to expand in the hydrocarbon energy industry, Makhzoumi said.