Drake & Scull gets nod for investor plan
Dubai, July 14, 2014
Dubai construction firm Drake & Scull said on Monday that its shareholders had approved issuing a convertible bond worth 55 million dirhams ($15 million) to allow a strategic investor to buy into the company.
The identity of the investor was not disclosed in the bourse filing, which said the meeting took place on Sunday and also granted permission for the board to negotiate the terms of the convertible bond issue. - Reuters