UAE’s engineering and construction services company Drake & Scull International (DSI) obtained regulatory approval on September 26 for its capital cut, Invest-Gate reports.

The reduction of DSI’s share capital from AED 2.28 bn to AED 571 mn is scheduled to take place on October 2.

The last day of trading before restatement, also known as the entitlement date, will be on October 1, while the ex-date, when the number of shares is reduced and the share price restated, will be on October 2.

The company also obtained the regulatory approval for the subsequent capital increase through the issuance of 500 mn new shares to Tabarak Investment.

The new shares will be listed on the Dubai Financial Market (DFM) on October 1. Following the listing of the new shares, DSI’s capital will rise from AED 571 mn to AED 1.07 bn.