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Oasis Leasing issue is oversubscribed

ABU DHABI — Oasis International Leasing's Dh800 million rights issue has been oversubscribed by Dh220 million, according to the company.

The Abu Dhabi based leasing company said the additional 80 million shares would be allocated according to UAE federal laws and Abu Dhabi Security Market regulations. The rights issue raises Oasis Leasing's paid up capital to Dh1.5 billion.

Mohammed Saif Al Mazrouei, Chairman, Oasis Leasing said: "Whenever a share offer is oversubscribed it is undoubtedly a success. For the rights issue to be oversubscribed by 28 per cent is a vote of confidence in the future of Oasis Leasing by our existing shareholders. The additional capital will enable us to grow and diversify our assets and to continue to generate attractive shareholder returns."

Oasis Leasing recently formed a joint venture with the Abu Dhabi Investment Company (ADIC) and Tabreed after buying a stake in the Industrial City Cooling Company (ICCC), which owns two district cooling plants in Musafah, worth approximately Dh80 million. It is the company's first investment in non-aviation and non-maritime assets.

The company is also close to concluding an agreement with Etihad Airways. The two have signed a Letter of Intent (LoI) for eight A330, 200s.