Oasis Leasing board proposes 10:1 stock split

ABU DHABI — The board of directors of Oasis International Leasing PJSC has recommended a 10-1 stock split of its shares as well as a restructuring of the company. The recommendations will be presented to the company's shareholders at an Extraordinary General Meeting which will take place shortly.

By A Staff Reporter

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Published: Fri 30 Mar 2007, 9:35 AM

Last updated: Sat 4 Apr 2015, 8:36 PM

The recommendations followed a board of directors meeting in Abu Dhabi which was presided over by the Oasis Chairman, Hussain Al Nowais.

In light of the company's expansion plans, the board has also recommended that no dividends be distributed to its shareholders for the 2006 financial year. "We have ambitious plans for growth this year and these plans require the allocation of adequate resources. We have taken the decision not to distribute dividends for 2006 as we see the need to make ongoing investments into growing our operations", said Al Nowais.

Oasis has already notified the Abu Dhabi Securities Market (ADSM) about the Board's recommendations. The Board also attested the company's financial results for 2006 which reported a 240 per cent increase in annual earnings, with net profits reaching Dh95.8 million.

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