Dubai-Mubasher: Dubai Parks and Resorts managed to raise AED 1.68 billion from its "1.6 times oversubscribed rights issue", according to a bourse statement.
The rights issue was 2.5 times oversubscribed on the public tranche, the company said, adding that total subscription stood at AED 2.67 billion at close on 25 May.
The capital increase will be used to finance the developer’s Six Flags theme park, which is scheduled to open in Q4-19.
The new shares will be listed on the Dubai Financial Market (DFM) “on or around 5 June”, following approval of the Securities and Commodities Authority (SCA).
Meraas will retain a majority stake of 52%, with Qatar Holding raising its shareholding in the company to 11% through the acquisition of a portion of Meraas’ rights, in addition to subscribing to all of its own rights, the statement added.
The raised capital will be used to finance the Six Flags Dubai theme park and none of it will be used to fund the existing Dubai Parks and Resorts Development, the company highlighted, adding that the Six Flags theme park will be its fourth on the development and will include 27 rides and attractions for all ages.
