Drake & Scull to elect new board of directors by year-end

Drake & Scull International announced that it will elect a new set of board of directors during its upcoming general assembly, scheduled later this year, it said in a statement on Monday.

The statement came after an earlier announcement of the termination of Wael Allan as chief executive of the Dubai-based contractor.

DSI’s board also accepted the resignations of several other board members, including that of former executive vice chairman, Khaldoun Al Tabari.

According to a statement: “The company has decided to appoint four new members to fill the positions vacated by the recent resignation of four members led by former Executive Vice Chairman Khaldoun Al Tabari.”

The announcements were made following a board of directors meeting held on 13 August, 2017 where DSI also reported a $54.2m net loss for the second quarter of 2017.

The company reported revenues of $179.7m (AED660m) for Q2 2017, down from $219.4m (AED806m) during the corresponding period of last year.

The move comes as part of the company’s capital restructuring programme and transformation plan announced earlier this year.

DSI also stated that Tabarak Investment LLC is now its largest shareholder.