Dubai Parks and Resorts' rights issue subscriptions surpasses Dh1b

Dubai - Dh2.67b sought to primarily finance development of Six Flags Dubai theme park

Dubai Parks and Resorts on Monday announced that its Dh1.68 billion rights issue, to primarily finance its fourth theme park Six Flags Dubai, was 64 per cent subscribed on the first day of subscription last Thursday, meaning it had exceeded Dh1 billion in confirmed subscriptions.
The committed investors, which include Qatar Holding, Sheikh Majid Ibrahim Al Ibrahim and Al Nahda Investments, have fully subscribed to their own rights as well as to part of the Meraas entitlement.
Rights holders have until tomorrow, May 18, to trade their Rights on the Dubai Financial Market. Shareholders wishing to sell some or all of their rights, or purchase additional rights, can do so through securities brokers registered and licenced by the DFM.
Investors who are not registered shareholders can also participate in the rights issue by buying rights sold by existing rights holders on the DFM during this period. Rights holders wishing to subscribe for new shares - using all or part of their entitlement to the rights - can do so during the subscription period, which will close on May 25.
Subscription, either directly or through the rights holder's broker or custodian, can be done through any of the Emirates NBD receiving bank branches stated in the rights issue invitation published on April 19, the UAE Fund Transfer System through any UAE bank branch, Emirates NBD ATMs, Emirates NBD Banknet system or online through the DFM eIPO system using a valid iVestor card.
Through a combination of debt and equity funding, Dubai Parks and Resorts is seeking to raise a total of Dh2.67 billion to primarily finance the development of Six Flags Dubai theme park; Dh1.68 billion of the funding is being raised via the rights issue, and the remaining Dh993 million is being supplied through debt financing from Abu Dhabi Commercial Bank, Dubai Islamic Bank and Sharjah Islamic Bank.
Once the rights issue has concluded, Dubai Parks and Resorts' issued share capital will become Dh7,999,912,670.
None of the additional capital being raised will be used to fund the existing Dubai Parks and Resorts development, which is expected to open in October this year
- business@khaleejtimes.com