Wednesday 12, September 2018 by Kudakwashe

Drake & Scull board of directors say no intent to dissolve firm

 

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

Dubai-based Drake & Scull’s shareholders have announced that they do not intent to dissolve the company but it is a legal requirement in accordance with its articles of association and UAE federal law.

In a bourse filing, the construction company said that the board of directors and executives would like to reiterate that it is exerting all its efforts and will continue to do so to safeguard the best interests of all its shareholders.

This follows a general assembly announcement by the firm to take special resolution to continue carrying out the activity of the company or to dissolve the company prior the expiry of its term where the accumulated losses of the company exceeded 50 per cent of the issued share capital in accordance with Article 302 of the UAE companies law. 

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