Dubai Parks and Resorts has announced the start of the trading period for rights allocated to shareholders as part of its Dh1.68 billion rights issue to primarily finance the development of its fourth theme park, Six Flags Dubai.
Shareholders registered in the company's register as at the close of trading on the DFM on May 2, 2016 have been allocated 1 right for every 3.767 shares held. Each right grants the holder the eligibility to subscribe for one new share at Dh1. The rights have been deposited into the clearing account or brokerage account of the registered shareholders under the trading symbol 'DUBAIPARKSRI'.
Rights can be publicly traded on the DFM from today until May 18, 2016. 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, will be able to do so during the subscription period which opens on May 12, 2016 and will close on May 25, 2016.
Raed Kajoor Al Nuaimi, CEO of Dubai Parks and Resorts, stated: "Since its inception, we have set out a clear strategy to enhance the growth potential of Dubai Parks and Resorts. 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 creating an even bigger resort and be a part of our future growth."
Subscription, either directly or through the rights holders' broker or custodian, can be done through the Emirates NBD receiving bank branches outlined in the rights issue invitation, 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.
