Trading in Dubai Parks and Resorts Rights to End in Two Days
Rights Issue to raise AED 1.68 billion
· Trading of Rights can be done on DFM under the ticker: DUBAIPARKSRI
· Shareholders can trade their allocated Rights on the Dubai Financial Market ("DFM")
· Trading period to end on Wednesday 18 May 2016
Dubai, UAE: Dubai Parks and Resorts PJSC announced today that its AED 1.68 billion Rights Issue, to primarily finance its fourth theme park Six Flags Dubai, was 64% subscribed on the first day of subscription (Thursday 12 May 2016), meaning it had exceeded AED 1 billion in confirmed subscriptions. The Committed Investors who 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 Wednesday 18 May 2016 to trade their Rights on the Dubai Financial Market ("DFM"). Shareholders wishing to sell some or all of their Rights, or purchase additional Rights, can do so through securities brokers registered and licensed 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 opened on 12 May 2016 and will close on 25 May 2016.
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 19 April 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 using a valid iVESTOR card. For further information on how to subscribe please refer to the "How to Subscribe" publication: (dprcorporate.ae/investor-relations/wp-content/uploads/sites/3/2016/04/How-to-Subscribe-Receiving-Bank_26th-April.pdf)
Through a combination of debt and equity funding, Dubai Parks and Resorts is seeking to raise a total of AED 2.67 billion to primarily finance the development of Six Flags Dubai theme park. AED 1.68 billion of the funding is being raised via the Rights Issue, and the remaining AED 993 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 AED 7,999,912,670. 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.
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.
Raed Kajoor Al Nuaimi, Chief Executive Officer of Dubai Parks and Resorts, stated that, "The demand we've seen from investors on the first day of subscription confirms the appeal of the Six Flags Dubai opportunity. The demand from retail investors was particularly strong for the first day: Dubai Parks and Resorts' enhanced offer with Six Flags Dubai has clearly captured the imagination of UAE investors. In addition to our existing parks, which are on track and on budget to open in October, the Six Flags branded theme park - the first in the region - will further establish Dubai Parks and Resorts' position as the Middle East's largest leisure and entertainment destination. The Rights Issue offers our shareholders an opportunity to have an active part in being a part of our future growth."
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.
For further details please refer to the Dubai Parks and Resorts' Investor Relations web page http://www.dprcorporate.ae/investor-relations
-Ends-
About Dubai Parks and Resorts
Dubai Parks and Resorts PJSC (DFM: DUBAIPARKS), is set to be the region's largest integrated theme park destination comprising three theme parks: motiongate™ Dubai, a movie inspired theme park showcasing some of Hollywood's most beloved characters from DreamWorks Animation, Sony Pictures Studios and Lionsgate; Bollywood Parks™ Dubai, the first theme park based on the sights and sounds of Bollywood; as well as LEGOLAND® Dubai, a unique, interactive theme park for families which will bring the well-known LEGO® brick to life in a playful learning environment; and LEGOLAND® Water Park, the region's first water park catering to families with children aged 2-12.
The entire destination will be connected by Riverland™ Dubai - a retail, dining and entertainment walkway located at the heart of the destination and guests can stay at the Lapita™ Hotel, a Polynesian-themed resort catering to families, which will be managed by the Marriott Group.
Set to open in October this year, the AED 10.5 billion development is spread across 25 million square feet of land located on Sheikh Zayed Road, Dubai opposite the Palm Jebel Ali. 6.7 million ticketed visits are projected for 2017, the first full year of operation.
For more information go to: http://dprcorporate.ae/investor-relations
For further information please contact:
Marwa Gouda, Head of Investor Relations, Dubai Parks and Resorts
+97148200820
IR@dp-r.com
Jon Earl, Managing Director, FTI Consulting
+97144372104
jon.earl@fticonsulting.com
© Press Release 2016
