Press Room

Al Mal Capital –Drake & Scull International PJSC Listing Date
Posted on 09 Mar 2009

Dubai, March 08, 2009 - Al Mal Capital

Al Mal Capital announced that, following the successful conclusion of Drake & Scull International PJSC (“DSI” or the “Company”) public listing application,  the Securities and Commodities Authorities (“SCA”) has approved the incorporation and listing of DSI on the Dubai Financial Market (“DFM”). Subsequently, the listing date of the Company on the DFM will be 16 of March 2009.

Al Mal Capital would like to congratulate Drake & Scull International, its Founding Members and its Shareholders for the successful conclusion of its incorporation and listing as a public company and wishes the Company a prosperous future.

Al Mal Capital and HSBC Middle East were the Joint Lead Managers for the IPO which was 101 times oversubscribed with around 45,600 subscribers having applied for DSI shares, investing in a total of funds of approximately AED 124 billion. 

Al Mal Capital PSC, established in 2005, is a leading regional Investment Bank offering a wide range of services in Investment Banking, Brokerage and Asset Management.  Licensed and regulated by the Central Bank of the United Arab Emirates and headquartered in Dubai, the bank was founded by Naser Nabulsi, with more than 80 prominent GCC regional families and institutions and has a Board of Directors with a wealth of banking and business experience along with a capital base of AED333 million

DSI is a UAE-based public joint stock company and is one of the pioneering and most experienced MEP contracting and civil contracting firms in the UAE.  DSI, directly and indirectly owns 100% of Drake & Scull International LLC, a MEP contracting company incorporated in Abu Dhabi and 80% of Gulf Technical Construction Company, a civil contracting company incorporated in Dubai.

Since its launch in 1966, DSI has designed, built, installed, commissioned and maintained the essential services of many of the UAE’s landmark buildings and development projects. MEP and civil contracting activities include distribution systems for electrical power, lighting systems, low-voltage systems, heating, ventilation, AC, refrigeration, district cooling, plumbing, sewage treatment, high purity piping systems, infrastructure work and independent execution of low and high rise buildings.

DSI intends to use the proceeds from the Offering to enhance its leadership position in the UAE and expand its activities in the MENA region through a combination of organic growth and strategic acquisitions. DSI is currently evaluating a number of companies as potential acquisitions that would extend its geographical presence in the leading construction markets in the MENA region.