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Drake & Scull announces signing an LOI for the acquisition of a Saudi-based company

2010-09-30

[Dubai, 30 September, 2010] Drake & Scull International (DSI) PJSC announced today that it has signed a Letter of Intent (LOI) for the acquisition of a Saudi-based Mechanical, Electrical and Plumbing (MEP) company. “We made a commitment to our shareholders when Drake & Scull International 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.” Further details of the acquisition will be announced within the next 30 days, once the Sales Purchase Agreement (SPA) has been signed. DSI intends to finalize the acquisition of a second company in Saudi Arabia, specializing in civil construction, before the end of the year.