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An artist's view of one of the theme parks at the project.

Dubai Parks and Resorts rights issue oversubscribed

DUBAI, May 24, 2016

Dubai Parks and Resorts today confirmed that its Dh1.68 billion ($457 million) rights issue, which was announced on April 19, was oversubscribed 1.25 times, underlining strong investor support.

Total subscription as at close of May 23 amounted to Dh2.1 billion ($571.6 million), it said.  

The rights issue is intended to primarily finance the development of Six Flags Dubai, the fourth theme park within the Dubai Parks and Resorts destination. Rights holders have until May 25 to exercise their rights to subscribe for new shares in Dubai Parks and Resorts.

Raed Kajoor Al Nuaimi, chief executive officer, Dubai Parks and Resorts, stated: “There is no doubt a significant gap exists for theme park destinations in the regional market and Indian sub-continent. We are pleased to see the extent of shareholder support for the rights Issue, which confirms investor’s appetite to share in the growth of the UAE and of Dubai Parks and Resorts.”

The allocation of additional new shares shall be on a pro-rata basis to the persons who subscribed for additional new shares, based on the number of shares requested by such persons, the company said.

Six Flags Dubai is expected to include around 27 rides and attractions for all ages when it is planned to open in Q4 2019.

Arqaam Capital Limited and Emirates Financial Services are acting as joint bookrunners and joint lead managers for the transaction.  Emirates NBD Bank is the sole receiving bank. - TradeArabia News Service




Tags: resorts | rights issue | Dubai Parks |

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