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Dubai Parks and Resorts rights issue 1.25 times oversubscribed

Staff Report/Dubai
Filed on May 24, 2016
Dubai Parks and Resorts rights issue 1.25 times oversubscribed

(Photo by Rahul Gajjar)

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.


Dubai Parks and Resorts today confirmed that the Dh1.68 billion Rights Issue, which was announced on the 19 April 2016, was oversubscribed at the end of trading on 23 May 2016, underlining strong investor support. Total subscription as at close of 23 of May 2016 amounted to Dh2.1 billion.  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 Wednesday 25 May 2016 to exercise their Rights to subscribe for New Shares in Dubai Parks and Resorts.

Dubai Parks and Resorts rights issue 1.25 times oversubscribed (KT6789524.PNG)

Raed Kajoor Al Nuaimi, chief executive officer, Dubai Parks and Resorts, said: "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."

Holders of rights can subscribe for new shares through any of the Emirates NBD branches stated in the rights issue invitation published on April 19, 2016, the UAE Fund Transfer System (FTS) through any UAE bank branch, Emirates NBD ATMs (Emirates NBD customers), Emirates NBD Banknet system (Emirates NBD Customers) or online through the DFM eIPO system, or directly, or through, their broker/custodian.

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 Additional New Shares requested by such persons, at the same issue price as the New Shares. 

The rights issue, approved by Dubai Parks and Resorts' shareholders at the General Assembly Meeting held last month, was launched to raise Dh1.68 billion to primarily finance the development of the Six Flags Dubai theme park - an extension of the current Dubai Parks and Resorts offering. Once the Rights Issue has concluded, Dubai Parks and Resorts' issued share capital will become Dh7.9 billion. None of the additional capital being raised will be used to fund the existing Dubai Parks and Resorts offering, which is expected to open in October this year. 

Six Flags Dubai will be the fourth theme park at the Dubai Parks and Resorts destination and 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 PSC are acting as Joint Bookrunners and Joint Lead Managers for the transaction.  Emirates NBD Bank PJSC is the Sole Receiving Bank.  - business@khaleejtimes.com

 





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