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Drake & Scull Acquires Kuwait-based Firm

DSI board of directors approved the acquisition of ‘Drake & Scull International for Electrical Contracting’, a prominent player in Kuwait owned by Drake & Scull Group and Kuwait Holding Company. With this acquisition DSI will own 75 per cent of Drake & Scull International for Electrical Contracting, DSI said.

This second acquisition since listing on the Dubai Financial Market, or DFM, 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’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 per cent 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. We see great potential in the Kuwait market, which hasn’t been critically affected by the global financial crisis,” Al Ghurair said.

abdulbasit@khaleejtimes.com