Dubai listed contractor Drake & Scull International (DSI) says it has successfully completed its capital restructuring programme.

According to a statement issued by DSI, the completion of the programme and the entry of Abu Dhabi’s Tabarak Investment as a strategic investor will enable it to move forward with its operational plans and focus on further enhancing its core competencies in the mechanical, electrical and plumbing (MEP) sector.

The capital restructuring was split into two phases. The first phase was a capital reduction. The second phase involved a AED500m ($136m) capital increase.

“Completing DSI’s recapitalisation programme is a significant milestone for the company and reaffirms the dedication and the commitment of the new of board of directors in taking the necessary decisions that safeguard the interest of our shareholders and sets a solid foundation for the group to press ahead with key strategic initiatives to regain business momentum,” said Abdulla Atatreh, chairman, Drake & Scull International in the statement.

Tabarak Investment acquired the majority shares of DSI’s former chief executive officer, Khaldoun Tabari in June.