DUBAI: Dubai-based design, engineering and construction services company Drake & Scull International PJSC, (DSI) Monday announced that Goldman Sachs International had bought warrants from it representing about 8.5% of the company's market capitalization.
The warrants have a notional value equal to US $40 Million (147 million dirhams) with a five-year maturity and can be exercised after two years, Drake & Scull said today in a statement to the Dubai Financial Market (DFM).
Upon exercise of the warrants, GSI’'s economic exposure will be cash settled, subject to a pre-agreed maximum cash settlement amount, the company added.
Commenting on the transaction, DSI CEO Osama Hamdan said, "We are excited to have completed this transaction with Goldman Sachs International and we look forward to working together in the future." (QNA)
