GulfBase Live Support
12/04/2016 09:37 AST
Dubai Parks and Resorts (“DPR” or “the Company”) today announces it has
secured AED 993 million (US$ 270 million) of debt financing to fund part of the proposed
Six Flags branded theme park which would further enhance the Dubai Parks and Resorts
destination offering. As announced on 28 March 2016, the Company is seeking to raise
AED 2.67 billion primarily to finance the development of Six Flags Dubai, through a
combination of debt and equity funding.
The debt portion accounts for approximately 37% of the total financing being raised.
Shareholders will vote on a special resolution to approve an increase in the Company's
capital through a proposed rights issue to raise the remaining AED 1.68 billion at the
General Assembly meeting to be held on 18 April 2016.
The AED 993 million debt funding is being provided by Abu Dhabi Commercial Bank, Dubai
Islamic Bank, and Sharjah Islamic Bank.
Six Flags Dubai is expected to open in Q4 2019 and will have 27 rides and attractions for
thrill seekers of all ages. Six Flags Inc. is one of the largest amusement park companies in
the world based on the number of parks it operates and the fifth most popular in terms of
attendance.
Raed Kajoor Al Nuaimi, Chief Executive Officer, Dubai Parks and Resorts, said, “Dubai
Parks and Resorts has a clear strategy to be the largest leisure and entertainment
destination in the Middle East. The proposed Six Flags branded theme park will strengthen
the appeal of our destination for thrill seekers of all ages, complementing motiongateTM
Dubai, LEGOLAND® Dubai and Bollywood ParksTM Dubai, which are on schedule and on
budget to open in October this year. We are pleased to have the support of the banking
community as we expand our entertainment offering.”
At the General Assembly meeting, DPR shareholders will be asked to vote on the Board of
Directors' proposal to increase the issued share capital of DPR by AED 1,678,084,962
through a rights issue at an issue price of AED 1 per share. Subject to shareholder approval
and in accordance with the Commercial Companies Law (Federal Law No 2 for the year
2015), the Board will have one year from the date of the General Assembly to execute and
decide upon the timing of the proposed rights issue, which is also subject to the approval
of the Securities and Commodities Authority (SCA). The Company's intention is to proceed
with the rights issue as soon as the Board determines that market conditions are suitable.
Press Release
12/08/2016
Dubai Parks and Resorts reported a widening second-quarter loss as spending rose in the run-up to the park’s partial opening on October 31.
The company said it expects to generate about Dh
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