Dubai Investments announces the closure of rights issue
Dubai Investments (PJSC) has announced the completion of the first phase of the rights issue of one share for every share held at AED 1 per share. In all 858,000,000 shares of AED 1 each were offered for subscription but the applications were received for subscription of 5,387,569,270 shares. Thus the shares were over subscribed by more than 6 times that shows the confidence of the shareholders in DI.
The allotted shares have been transferred to the accounts of individual shareholders with Dubai Financial Market on 4th March 06. Shareholders who had applied for extra shares have been allocated extra shares in the ratio of 0.28444 per cent for the 12,920,683 shares that were unsubscribed.
“I would like to thank all the shareholders for their trust in Dubai Investments. This trust will inspire us to actively pursue our corporate vision of growth and expansion and continue to invest in leading companies, across key industrial sectors”, stated Khalid Kalban, Managing Director and Chief Executive Officer, Dubai Investments.
It was also announced that the excess funds paid by shareholders would be paid back via the initial mode of payment. The shareholders who paid using manager’s cheques will be refunded the amount within one week. The cheques will be sent by registered mail.
“We will focus in making profitable investments and expansions and stress on the prudent use of capital and sound management skills to achieve returns from healthy businesses with strong growth potential to keep up with the shareholders expectations,” he concluded.