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Loss-making DSI to continue operations

Loss-making DSI to continue operations
DSI to continue operations
Drake & Scull
DSI
-2.63% 0.37 -0.01

Dubai – Mubasher: Drake & Scull International (DSI) on Sunday announced that its shareholders had decided to “carry on” with the company’s operations and not to liquidate.

In September, Tabarak Investment decided to raise its stake in DSI’s paid-up capital to 13.73% from 13.26%. This stake hike followed an announcement by DSI that it would not dissolve the company.

Shareholders at the loss-making firm were given updates of the company’s future plans “along with developments in the investigation conducted by the new management with regards to the previous executive management,” DSI concluded in a bourse statement.

DSI last reported AED 182.8 million in net losses for the first half of 2018, a sharp decrease from AED 1.037 billion losses in the corresponding period of 2017.

DSI’s stock last closed Thursday down 1.44% at AED 0.41.