[Dubai, 19 November, 2012]Drake & Scull International PJSC (DSI), a regional market leader in integrated design, engineering and construction disciplines of Civil Contracting, Mechanical, Electrical and Plumbing (MEP), Water and Power, Oil and Gas and Rail announced today that ithas entered into a strategic transaction with Goldman Sachs International "GSI", whereby GSI has purchased warrants in the Company.
These warrants have a notional value equal to AED 147 million which represents approximately 8.5% of the company's market capitalization. The maturity of the warrants is 5 years and can be exercised by GSI any time after 2 years. Upon exercise of the warrants, GSI''s economic exposure will be cash settled (subject to a pre-agreed maximum cash settlement amount).
Commenting on the transaction, Osama Hamdan, CFO of DSI said, "We are excited to have completed this transaction with Goldman Sachs International and we look forward to working together in the future".
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About Drake & Scull InternationalPJSC
Drake & Scull International PJSC (DSI) is a regional market leader delivering world class quality projects via end to end solutions that provide integrated design, engineering and construction disciplines of Mechanical Electrical and Plumbing (MEP), Civil Contracting, Water & Power Infrastructure, Oil & Gas and Rail through People, Innovation, and Passion.
DSI established its first office in Abu Dhabi in 1966, and has since expanded operations to encompass offices in Dubai, Egypt, Kuwait, Libya, Oman, Saudi Arabia, Syria, Qatar, Jordan and Thailand, as well as managing projects in Europe and other parts of North Africa
DSI 's main business streams include Drake & Scull International, which serves as the MEP arm, Drake & Scull Construction (DSC), which is the General Civil Contracting unit and Drake and Scull Water & Power (DSWP), which focuses on the Water & Power and Infrastructure sector in addition to Oil & Gas and Rail.
In 2008, DSI offered 55% of its shares to the public and the IPO was oversubscribed 101 times. Ernst & Young ranked the IPO among the top 20 global IPOs in 2008.
DSI has since then used the funds to integrate, establish and acquire businesses that compliment its corporate strategy of expansion into new markets, via organic and inorganic growth.
The fully Integrated Management Systems, certified to ISO 9001:2008, ISO 14001:2005 and OSHAS 18001:2007 standards are compliant with leading building, health and safety regulations, as well as sound environmental and energy management procedures.
DSI is a leader through experience, and has established a regional leadership position over 44 years of successfully completing the most complex projects on time, within budgets and matching set quality parameters.
DSI has completed many prestigious projects in the region for over four decades, and have helped shape the region's skyline from within.
For more information, please contact:
Drake & Scull International PJSC
Rabih Abou Diwan
Corporate Communication Officer
T: +971 4 8112300
M: +971 50 5500891
Email: Rabih.Aboudiwan@drakescull.com
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