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Dubai Financial Market (DFM), the first regional exchange to go public, and the first shariah complaint market globally, today announced the listing of Drake & Scull International PJSC, engaged in mechanical, electrical, plumbing infrastructure water, and power and civil contracting. Company shares began trading on Monday, March 16th , 2009, under the trading symbol “DSI” within the real estate and construction sector, which will appear on DFM screens, trading systems and publications.
Drake & Scull International PJSC is the first public joint stock company to list in DFM in 2009. The listing of Drake & Scull International brings the total number of public joint stock companies listed on the DFM to 65 company, while the total number of listed securities reached 87.
Essa Kazim Executive Chairman of Dubai Financial Market; Majed Seif Al Ghurair Chairman of Drake & Scull International; and senior representatives from the company along with DFM top management, attended the listing ceremony.
Kazim welcomed the new listing as a vital addition to the suite of equity offerings available on the market. The listing further highlights the leading position of Dubai Financial Market as the preferred destination for outstanding local and regional companies seeking to list its shares.
Kazim said: “Dubai Financial Market is constantly looking to expand and diversify the opportunities available to investors by encouraging and partnering with companies from around the region, active in different sectors to benefit from trading on the region’s leading stock exchange. Companies from across the region also look upon DFM as an attractive exchange with a proven track record of professionalism and state-of-the-art facilities. Due to the high level of liquidity in the market, companies are very eager to capitalize on their growth through a trading and fundraising window in the UAE.”
“We at DFM are keen to expand our securities list with companies represent different sectors that gives the market more depth and diversified investment opportunities. the listing of local companies went through an IPO, undoubtedly, plays a key role in enhancing the market activity as learned from the previous listing of local companies” Kazim said.
He added: “We are delighted to welcome Drake & Scull International to the DFM, which lists many regional companies in line with its strategy of strengthening the exchange’s position through diversification and expansion of options for investors. The listing of Drake & Scull International is highly important as the first public joint stock company to join our prestigious listings of local and regional companies since the beginning of 2009, a step which will be followed by many other listings either from UAE or the rest of the region. Today’s listing reflects the high level of confidence businesses has in the stock market and the role the market plays to support the growth story in different companies.”
Drake & Scull International PJSC Vice Chairman and CEO Khaldoun Tabari said: “This is quite possibly the proudest day in our 43 year history. To be the first end to end specialist contracting company to list on a stock market of DFM’s pre-eminence, brings with it enormous benefits of visibility, access and unrivaled opportunity. We intend to exploit each to the full.”
He also added: “We had an extremely strong response for our IPO. It indicates that investors clearly see the opportunity in DSI growth strategy across the region. We would like to thank the founding members and the investors and look forward to creating long term value for all our shareholders”.
