Drake & Scull International PJSC (DSI) has bought back 8.6 million of its shares, following regulatory approval that allowed the company to buy back up to 10% of its stock.
DSI CEO Khaldoun Tabari described the buyback as a significant investment in the company’s growth, and an important enhancement of shareholder value.
“We firmly believe there is no better investment we can make than in our own future,” he commented.
Tabari said the DSI board had approved a strategic encompassing “both vertical and horizontal” expansion. He said the company’s expertise and experience had helped it to secure contracts for a number of mega-projects within the UAE and the region. “Our overall feelings for the remainder of the year remain positive,” he added.
DSI is reportedly working on 35 projects at present, three of which have been awarded so far this year. The value of its backlogged projects from last year is worth over US $817 million, while the total value of its current projects amounts to about $1.63 billion.