Al Mal Capital, the lead manager for Drake & Scull International's Initial Public Offer has said that the DSI is expected to apply for its shares to be listed on the Dubai Financial Market after the Constitutive General Assembly.

Al Mal also said that the allocation of shares and refund process of Initial Public Offer (IPO) of 1,197,777,778 of DSI's ordinary shares has been completed and the company is expected to start trading its shares before the end of the year. 

Allocation notices have been sent out to all local, regional and international subscribers along with an invitation to attend the Constitutive General Assembly.

The IPO, which closed on July 17, was 101 times oversubscribed with around 45,600 subscribers having applied for DSI shares, investing in a total of funds of approximately Dh124 billion ($33.7 billion).

HSBC Middle East is the joint lead manager for the IPO.

Al Mal Capital, established in 2005, is a leading regional Investment Bank offering a wide range of services in Investment Banking, Brokerage and Asset Management.

Licensed and regulated by the Central Bank of the United Arab Emirates and headquartered in Dubai, the bank was founded by Naser Nabulsi (former CEO of the Dubai International Financial Centre), along with 82 prominent UAE regional families and institutions and has a Board of Directors with a wealth of banking and business experience along with a capital base of Dh333 million.

Al Mal Securities Saudi, Al Mal Capital's Saudi Arabia brokerage subsidiary, recently opened their offices in Riyadh in December 2007 and there are plans underway to open an additional few subsidiaries in the region over the next few years.
 
DSI is a UAE-based public joint stock company under incorporation and is one of the pioneering and most experienced MEP contracting and civil contracting firms in the UAE.

DSI, under incorporation in the Emirate of Dubai, directly and indirectly owns 100 per cent of Drake & Scull International, a MEP contracting company incorporated in Abu Dhabi and 80 per cent of Test Contracting Company, a civil contracting company incorporated in Dubai.

Since its launch in 1966, DSI has designed, built, installed, commissioned and maintained the essential services of many of the UAE’s landmark buildings and development projects.

MEP and civil contracting activities include distribution systems for electrical power, lighting systems, low-voltage systems, heating, ventilation, AC, refrigeration, district cooling, plumbing, sewage treatment, high purity piping systems, infrastructure work and independent execution of low and high rise buildings.
 
DSI intends to use the proceeds from the Offering to enhance its leadership position in the UAE and expand its activities in the Mena region through a combination of organic growth and strategic acquisitions.

DSI is currently evaluating a number of companies as potential acquisitions that would extend its geographical presence in the leading construction markets in the Mena region. - TradeArabia News Service