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Dubai, UAE – May 28, 2024 – IBRAHIM.N. PARTNERS is proud to announce its role as the issuer’s counsel for Drake & Scull in the successful offering of 1,849,186,481 new shares through a capital increase. This pivotal move aims to mark Drake & Scull’s highly anticipated return to the trading floor of the Dubai Financial Market (DFM) after a hiatus of more than five years. The shares of Drake & Scull are set to resume trading tomorrow, May 29, 2024.

This significant milestone represents the final step in the comprehensive restructuring plan that was meticulously crafted and approved by the majority of Drake & Scull’s creditors. The restructuring plan, which involved extensive discussions and negotiations with various stakeholders, was implemented over an extended period of 2.5 years. On November 1, 2023, the Courts of Dubai officially approved the Restructuring Plan and appointed an expert to oversee its implementation and report on the progress achieved to the Courts.

“We are honored to have played a crucial role in facilitating Drake & Scull’s comeback on the Dubai Financial Market,” said Ahmed Ibrahim, Managing Partner at IBRAHIM.N. PARTNERS. “Our team’s dedication and expertise were instrumental in navigating the complexities of the capital increase and ensuring a smooth transition for the company as it resumes trading.”

Drake & Scull’s successful capital increase and return to the DFM signify a new chapter for the company as it continues to rebuild and strengthen its position in the market. This achievement underscores the company’s resilience and commitment to its stakeholders, and it sets a solid foundation for future growth and success.

For more information, please contact: Ahmed Ibrahim, Managing Partner, IBRAHIM.N. PARTNERS

About IBRAHIM .N. PARTNERS

IBRAHIM & PARTNERS is an independent MENA-region law firm based in the ADGM, Abu Dhabi, led by our Managing Partner, Ahmed Ibrahim, and is comprised of a team of lawyers that are experts in advising on all aspects of UAE law. We advise both local and international companies on a full range of issues from contentious and non-contentious corporate and commercial matters, including major project work, establishing, and conducting business across the Emirates, joint ventures, mergers and acquisitions, equity capital market, legal due diligence/audit, employment matters, property, structuring, distributions and franchise arrangements