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Drake and Scull International buy back 8 million shares

United Arab Emirates: Thursday, September 17 - 2009 @ 10:23

Following ESCA’s approval granted in June 2009, DSI began a buying campaign to buy back up to 10% of its shares. As of September 15, DSI has bought back over 30 million shares.

DSI CEO Khaldoun Tabari describes the buyback as an investment in the company’s own growth which adds great value to the company, as well as its existing and future investors.

“We are investing in our future and the board feels this is the best way we can support our company as we move forward. We have approved a strategy which will see the company continue the growth it has made over the past year, expanding both vertically and horizontally. We have secured contracts for a number of mega-projects so far this year and there are still some exciting developments to be announced,” he added.

DSI is a leading UAE-based end-to-end service provider of MEP contracting, IWP and civil contracting services. On March 16 2009, DSI became the first specialist contracting company to list on the Dubai Financial Market (DFM).

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Thursday, September 17- 2009 @ 10:23 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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