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DSI signs LOI with Saudi company

Acquisition of second company on the cards

| | Oct 15, 2010 | 12:05 pm
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Acquisition of second company on the cards

Drake & Scull International (DSI) has signed a Letter of Intent for the acquisition of a Saudi-based Mechanical, Electrical and Plumbing (MEP) company.

“We made a commitment to our shareholders when Drake & Scull International was listed on the Dubai Financial Market, and are pleased that we are now in a position to deliver on that promise,” commented Khaldoun Tabari, CEO of DSI, “Our first acquisition in the Kingdom is a key milestone for DSI, which will significantly contribute to our momentum as we venture forth in our growth strategy,” he added

According to the announcement, further details of the acquisition will be announced soon, once the Sales Purchase Agreement has been signed.

DSI said that it intends to finalise the acquisition of a second company in Saudi Arabia, specialising in civil construction, before the end of the year.

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