Drake & Scull International (DSI) has said its board has approved issuing convertible bonds to a “strategic investor,” without providing further details, Bloomberg has reported. The strategic investor is Lamar Investment and Real Estate Development Co., a family-owned construction business in Saudi Arabia, Nayal Khan, the head of institutional sales and trading at brokerage Naeem Holding in Dubai, said in a note to investors. Lamar Investment awarded Drake & Scull a SR1.73bn ($461m) contract in May 2013 to complete the Lamar Towers project in Jeddah. “Investors believe the new investor will bring additional business to the table as the Saudi Arabian market has been a growth driver for DSI,” Khan told the news service.
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