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The Dubai financial market announced that Drake & Scull would be suspended from its operations in the Dubai financial market until further notice, on the basis of the decisions of the Cabinet of Ministers on the system of rating securities and products of based..
According to the decision of the Council of Ministers, the Authority is empowered to suspend any registration of any security in the market in exceptional circumstances, threat to the proper functioning of the market or if it considers that the circulation of the paper does not serve the public interest or does not constitute a charge, a violation of shareholders rights Among the reasons, according to a statement on the Dubai market.
The resolution stipulates that the Council of Ministers may suspend the listing if the company's own funds are less than 50% of the capital..
Drake & Scull International announced Appointment of External External Consultants for Restructuring Work towards the development of an integrated operational and financial plan in cooperation with the recently restructured restructuring committee with the aim of restoring the stability of the company's activities..
And this morning she showed Financial results of the company Has posted a 46% loss to 662.9 million AED for the first nine months of this year, compared with a loss of 1222.9 million AED during the same period in 2017.
The results of the company announced in the financial market of Dubai a loss of 498 million dirhams in the third quarter of this year, against losses of about 317.6 million dirhams at the end of this period from 2017..
Said Yousif Al Mulla, the group's new CEO " Drake & Scull International (DSI) , Listed on the Dubai financial market: "Develop a comprehensive financial and operational restructuring plan".
Al Mulla said Wednesday during the company's statement that the appointment of an experienced restructuring team constituted a major step forward in the development of a comprehensive financial and operational restructuring plan..
"The advisory group will not hesitate to take the firm decisions needed to redefine the company's priorities and restore its financial integrity in cooperation with the restructuring committee and with the support of shareholders and all stakeholders ."He said.
The CEO said the Restructuring Committee would work with his team of advisors to develop a comprehensive restructuring plan based on the company initiated restructuring and recapitalization efforts in 2017 and continued until 2018..
He also said that it would take into account the rights of all stakeholders, including banks and suppliers, as well as current and former employees..
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