Dubai Parks & Resorts is planning a rights issue to fund a Six Flags theme park linked to its existing development to the south of the city.
In a filing to the Dubai Financial Market yesterday, the company said it was inviting shareholders to an assembly meeting on April 18 for a special resolution to approve the financing of the project and to pay for expenses incurred in connection with the issuance of rights issue shares.
It said it planned to increase the share capital of the company by Dhs 1.67bn through the issuance of 1.67bn shares with a nominal value of Dhs 1 per share.
Should the resolution be approved, Dubai Parks’ share capital will increase to Dhs 7.99bn.
The company, which was spun-off by Dubai-owned Meraas in 2014, is currently building a three theme park resort consisting of Legoland Dubai, Motiongate Dubai and Bollywood Parks Dubai, set to open in October this year.
It previously said the initial launch was the first phase of a much more ambitious project, having signed a deal with Texas-based Six Flags Entertainment to build a theme park at the complex two years ago.
The original plans for the Dubai Parks & Resorts project, announced in November 2012, envisioned five linked theme parks at the site.
Â© Motivate Publishing. All rights reserved.