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Drake & Scull International PJSC’s Acquires Second Company in 2009

2009-12-27
 

[Dubai, 26 December 2009]  Drake & Scull International PJSC’s (DSI) Board of Directors approved on Thursday 24^th December 2009, the acquisition of “Drake & Scull International for Electrical Contracting”, a prominent player in Mechanical Electrical and Plumbing (MEP) contracting in Kuwait owned by Drake & Scull Group and Kuwait Holding Company. With this acquisition DSI PJSC will own 75% of Drake & Scull International for Electrical Contracting. This second acquisition since listing on the Dubai Financial Market in March this year follows a stringent technical, financial and legal due diligence process that was carried out by PricewaterhouseCoopers, Shuaa Capital and Al Tamimi & Company.  It is also in step with DSI PJSC’s declaration since its IPO that the company would actively pursue acquisition negotiations in Kuwait, Qatar and Saudi Arabia. Last month, DSI PJSC acquired 82% of Passavant-Roediger – a global specialist in wastewater and sludge treatment with operations across 13 countries.  Majid Al Ghurair, Chairman of DSI PJSC, said this acquisition is seen as logical and integral steps in the company’s development and the execution of its long-term strategy to expand geographically into the Middle East and North African region. “This acquisition is in line with the growth strategy we shared with shareholders in our prospectus and which we have been actively pursuing since our listing on the DFM in March this year,” said Al Ghurair.  “We see great potential in the Kuwait market, which hasn’t been critically affected by the global financial crisis.” Khaldoun Tabari, DSI PJSC Vice Chairman and Chief Executive Officer said: “Our interest lies in acquiring companies that already have prominence in their own markets and an in-depth understanding of how their markets operate.”