Dubai-Mubasher: Dubai Parks and Resorts said its shareholders gave the approval to increase the capital by AED 1.68 billion through a rights issue, according to a bourse statement.
As a result, Dubai Parks’ capital will rise to AED 7.99 billion.
The capital raise will be used to fund the developer’s Six Flags theme park and future business development projects, in addition to paying for issue-related expenses.
The company will offer 1.68 billion shares in rights issue with a nominal value of AED 1 per share, the statement said.
The subscription will be opened for shareholders from 12 May to 25 May, 2016.
The bank’s stock declined 0.7% to AED 1.38 after generating AED 18.54 million.
