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Drake & Scull appoints new chief financial officer

Drake & Scull International (DSI) has appointed Feras Kalthoum as its acting chief financial officer, with immediate effect

Drake & Scull appoints new chief financial officer amid restructuring.
Drake & Scull appoints new chief financial officer amid restructuring.

Drake & Scull International (DSI) has appointed Feras Kalthoum as its acting chief financial officer, with immediate effect.

Previously working with Tabarak Investment, Kaltoum will assist with the contractor’s capital restructuring and ongoing negotiations with its lenders, bringing his vast experience in finance and restructuring, according to The National.

Tabarak Investment recently bought out former vice-chairman Khaldoun Tabari's stake and is expected to become a majority shareholder in DSI if the latest proposed capital restructuring is approved by the UAE market regulator Securities and Commodities Authority.

Kalthoum replaces outgoing chief financial officer Kailash Sadangi, who joined DSI just over 12 months ago in April 2016, having previously worked in a senior finance role at Saudi Arabian contractor Al Khodari Sons.

Read More: Drake and Scull in talks with banks on restructuring

Previous roles include an advisor role to the Board of Directors of Makkah Madinah Holdings as well as the chief financial officer Istithmar World, the investment arm of Dubai World.

The company is taking steps for a capital restructuring plan to turnaround financial performance as it has seen profits fall in the last few years.

DSI said earlier this month that it was in talks with key stakeholders, including banks, in a possible step to partly repay its debt with $272m of cashflow over the next four years.  

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Construction Week - Issue 745
Jun 30, 2019