Completion of the restructuring procedures for Drake & Scull International

Drake & Scull International, PJSC, a regional leader in mechanical, electrical, plumbing, oil and gas, water and wastewater treatment, announced that the company's management has been addressed by the Financial Reorganization Committee and officially informed of the completion of the restructuring process. .

As the company has been able, with the support of the financial expert approved by the Financial Reorganization Committee, to reach settlements with a number of creditors with the percentage of achieving the consensual agreement between the company and its creditors and reaching the required voting percentage, which exceeded two-thirds of the creditors’ claims in terms of the value of the indebtedness.

The company stated that, in accordance with the procedures and settlements reached by the company’s management with creditors, in addition to the adoption of the restructuring plan that was initially approved by a number of the main participating banks, the financial reorganization procedures have reached their final stage and in accordance with the objectives contained in the decision The committee issued on May 17, 2022 regarding the acceptance of the company's request submitted to the committee for the financial restructuring of the company's indebtedness.

It is worth noting that the company had previously disclosed that it had registered an application with the Dubai Courts for the company to be subjected to restructuring procedures in accordance with the emergency provisions of the UAE Bankruptcy Law in the third quarter of 2021.

In this context, Drake & Scull Chairman, Eng. Shafeeq Abdul Hamid, said: “We take this opportunity to thank His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, for his wise guidance and constant encouragement to local institutions, In addition to the various initiatives announced during the past few months by the Supreme Committee for the Development of Financial Markets in Dubai, which aim to consolidate Dubai's position as a vital financial center at the regional and global levels.

Abdul Hamid added, "We also extend our sincere thanks to the Chairman of the Financial Reorganization Committee Younis Haji Al-Khoury, the Chairman of the Technical Committee of the Financial Reorganization Committee, Dr. Maryam Butti Al-Suwaidi, and the distinguished members of the Committee for their continuous support and wise guidance over the past two years. We also thank the accredited financial expert And the financial and legal advisors for their efforts. Finally, we thank all the company's shareholders for their patience and continuous support, and we hope that Drake & Scull Company will return to the path of growth and prosperity in the coming years. We await the decision of the Dubai Courts to decide on the submitted request and complete the restructuring process."

The company confirmed that it will make every effort to re-trade the stock on the Dubai Financial Market after completing the restructuring process and then obtaining the necessary approvals.

Any developments regarding the re-trading through official channels will be announced soon.

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