Drake & Scull International (DSI) has announced that its shares have been included in the MSCI GCC Index.
The move comes as part of the company’s turnaround plan, and is expected to help bolster investor interest in the company after several years of internal instability and mounting accumulated losses.
DSI’s inclusion in the MSCI GCC Index comes a month after the company announced the completion of a comprehensive recapitalisation programme launched earlier this year to improve the financial and operational performance of the company.
Earlier this month, the Dubai-based contractor reported a net loss of $97.7m (AED359m) in Q3 2017, which it blamed on a lack of liquidity ahead of the completion of its recapitalisation programme.
The lack of liquidity prior to the completion of the programme and to the $136.1m equity injection by Tabarak Investment in August impacted the overall productivity of ongoing projects.
Third quarter revenues for the company stood at $160.6m, 42% of which was drawn from its ongoing projects in the UAE.
Rabih Abou Diwan, investor relations director of Drake & Scull International, said in a statement: “DSI’s inclusion in the MSCI GCC Index affirms the unwavering confidence from regional and international investors and our unique market positioning.
“It proves that our ongoing reorganizational efforts are on track and leading us to new and exciting opportunities and a more sustainable future,” he added.