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The board of Dubai-based contractor Drake & Scull has resigned along with its board secretary nearly a month after the company returned to Dubai Financial Market (DFM) following a lengthy restructuring process.
A disclosure said resignations will take effect as of the date of the general assembly, which is likely to take place in around one month. The date is yet to be announced.
The company is currently chaired by Shafiq Abdelhamid, with Ahmad Kilani serving as vice chairman, with five other board members.
The disclosure said after completing the requirements of restructuring and in view of future challenges, the board had resigned to allow new members to be elected.
Shareholders will vote on board membership at the general assembly.
Board secretary Dana Abu Alghanam has also resigned with effect of the date of the general assembly.
Drake & Scull resumed trading on DFM on May 29 after a restructuring process that lasted nearly six years.
(Writing by Imogen Lillywhite; editing by Seban Scaria)
