Bloomberg News

Drake & Scull Reaches 3-Month High on $39 Million Egypt Deal

December 13, 2011

(Updates with closing share price.)

Dec. 13 (Bloomberg) -- Drake & Scull International PJSC jumped to the highest in almost three months after the Dubai- based construction company said a unit won a contract valued at 142 million dirhams ($39 million) in Egypt.

The shares jumped 2.2 percent to 85.4 fils, the highest price since Sept. 21, at the 1 p.m. close in Dubai.

The contract is for building a mining-grade ammonium nitrate plant at the province of Ain Sukhna in Egypt, the company said today. The contract brings Drake & Scull’s project wins to 618 million dirhams in Egypt this year, it said.

--Editors: Ash Kumar, Peter Branton

To contact the reporter on this story: Mourad Haroutunian in Riyadh at mharoutunian@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net; Shaji Mathew at shajimathew@bloomberg.net


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