Abu Dhabi-based Oasis International Leasing posted a net profit of $2.3 million compared with $0.4 million in the first quarter of 2003 and $1.2 million for the full year 2003.
The first quarter's results come in the recent wake of the company's announcement that it had received institutional backing for its planned Rights Issue and intended to proceed as soon as possible. Commitments were revealed as being $28 million by the Mubadala Development Company, $16 million from Abu Dhabi Investment Company and $10 million by BAE Systems.
Oasis Leasing received all the necessary authorisations and approval to increase the company's share capital through a rights issue and to increase its ceiling for non-United Arab Emirates (UAE) ownership to 49 percent in 2002.
Oasis International Leasing Company was formed in 1997. Its principal business is to identify, structure, manage and invest in high value leasing transactions. The objective is to deliver sustainable shareholder investment returns. The original Oasis Leasing concept, aimed at promoting the creation of new financial services' clusters in the UAE economy, was developed by the UAE Offsets Group with British Aerospace as the main investor. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
