Drake & Scull International (DSI) has made a series of appointments and management changes as the Dubai-based contractor pursues a capital restructuring programme.
DSI hired Ziad Makhzoumi, a former chief financial officer of builder Arabtec and an ex-chief executive of Fakih IVF, as an advisor to its Board of Directors, the company said on Monday.
Other senior appointments and changes include appointing Muin El Saleh, previously the chief executive of Makkah & Madinah Holdings, as the new managing director of the company’s UAE operations; Fadi Feghali, the former managing director of Al Husam Group, now is DSI’s new managing director for international operations; Musa Ibrahim, the former general counsel of Tabarak Investment, is now group chief legal officer; Ismail Mohammad has been appointed as the deputy general manager of DSI unit GTCC in the UAE, and Saher Ghazi Kamal, has been appointed as acting managing director for Saudi Arabia.
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Read more:
Drake & Scull removes CEO, narrows second quarter loss
Drake & Scull confident on debt restructuring
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DSI's board of directors decided in August to end the tenure of Wael Allan as the chief executive, a post he assumed in October after the long-standing chief executive Khaldoun Tabari stepped down.
The company's net loss attributable to equity owners in the three months ending in June narrowed to Dh182.7 million compared with Dh207.6m in the year-earlier period, but still missed analyst forecasts. The net loss brings the company’s accumulated losses to Dh1.89 billion as of June 30.
Revenue fell 18 per cent to Dh660.3m from Dh805.5m a year earlier.
The company made Dh68m in one-off provisions and impairment charges in the second quarter.
Under the capital restructuring programme, the company is proposing to write off 75 per cent of its shares to extinguish losses of Dh1.71bn, followed by a Dh500m capital injection by Tabarak Investments, currently the biggest investor in DSI and which is likely to own around 50 per cent of the company after the restructuring.
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Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
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If you go
Kanguva
The specs
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The specs
Price, base / as tested Dh12 million
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Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
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Nayanthara: Beyond The Fairy Tale
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TO A LAND UNKNOWN
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Disclaimer
Director: Alfonso Cuaron
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'My Son'
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Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis
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The specs
COMPANY PROFILE
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From Zero
Artist: Linkin Park
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While you're here
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Wicked
Results:
CSIL 2-star 145cm One Round with Jump-Off
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