Wednesday 12, September 2018 by Kudakwashe

Drake & Scull shareholders to decide whether to dissolve firm

 

Drake & Scull’s stock price has plunged 80 per cent this year.

Dubai-based Drake & Scull’s shareholders will meet on 27 September 2018 to decide whether to dissolve the company.

In a bourse filing, the construction company which posted Q2 net loss of AED 181.1 million ($49.3 million) compared to a year-earlier loss of AED 182.7 million, said it was calling a general assembly under an article of UAE company law.

Additionally, the general assembly will also be used to inform the shareholders of the company on the current situation of the company and its future plans along with the developments in the investigation conducted by the new management with regards to the previous executive management.

The law requires companies to vote on whether they should continue operating if their accumulated losses have reached half of their issued share capital.

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