Dubai – Mubasher: Drake and Scull International’s (DSI) board has opted for the issuance of sukuk convertible to shares as a means to increase the company’s capital instead of the partnership option.

The UAE-based developer’s board will contact compatible government authorities to obtain a permission to issue the convertible sukuk to be able to invite DSI’s general assembly to discuss the matter, according to a bourse statement released on Sunday.

The board also elected Abdulla Atatreh as chairman and Ahmed Saeed Brouk Al Hamiri as vice chairman.

“The board approved various support initiatives provided by the current strategic partner Tabarak Investment to the company until the issuance of the convertible sukuk is completed,” the Dubai-listed company revealed.

The support initiatives include Shariah-compliant interest-free loans, a support to secure new banking facilities, and new construction contracts.

The value of the disclosed support initiatives was not released by both companies.