DUBAI: Dubai contractor Drake and Scull International (DSI) on Thursday said it will acquire a Saudi-based mechanical, electrical and plumbing company, adding it plans to buy another firm in the kingdom this year.
"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," said Khaldoun Tabari, DSI’s chief executive in a statement. Further details of the acquisition will be announced within the next 30 days, once the sales and purchase agreement has been signed, said the statement.
DSI said it intends to finalize acquisition of a second company in Saudi Arabia this year. More details of the deal were not provided.
Drake& Skull specializes in mechanical, engineering and plumbing businesses and listed on the Dubai bourse in March 2009. It has been rapidly expanding its operations outside Dubai, where property prices plunged since their peaks in 2008 as a result of the financial crisis.
In April, DSI announced the acquisition of Drake & Scull International Qatar LLC (DSQ) an MEP company based in Qatar.
