Oasis International Leasing announces comprehensive restructuring plan

Under the plan, the company announced its intention to be renamed Oasis Holdings PJSC. It would be restructured as a holding company and would create two private joint stock companies—one of them Oasis Leasing and the other Oasis Capital, as subsidiaries.

Speaking at the Abu Dhabi Securities Market following a meeting of the Board of Directors, Oasis Board Chairman HE Hussain Al Nowais said the proposed move to create an umbrella holding company comes after four months of detailed study and recommendations from the Boston Consulting Group. He said it will allow the Company more flexibility to achieve its goals and to assure investment value for its shareholders

"Oasis fully intends to remain in the asset finance and leasing business, which continues to rebound in the aviation sector and enjoys strong returns. We are interested in ship leasing and we also wish to establish a subsidiary that will concentrate on other ventures, such as investment banking, in order to take advantage of the unprecedented growth and opportunities in Abu Dhabi and the region,"

HE Al Nowais said.

HE Al Nowais said the plans will not affect shareholder assets or earnings. He said that the plans are contingent on the Board's recommendation receiving approval from shareholders at an Extraordinary General Meeting (EGM) next month and obtaining regulatory approval.

The Chairman said that the name of the new investment banking subsidiary would be Oasis Capital. This entity will enter into partnerships designed to create strategic value for all parties. Other subsidiaries under Oasis Holdings could be created that would specialize in shipping and other financial offerings.

"Thanks to the booming investment environment created by HH President Sheikh Khalifa bin Zayed Al Nahyan and his brother, HH General Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces there are many areas of development that the emirate of Abu Dhabi is proceeding forward with," the Chairman noted.

HE Al Nowais also said, "We intend Oasis Holdings to be the vehicle that creates other subsidiaries or companies designed to play an intrinsic role in the future growth and development of business in many specialized sectors. All of these will be a critical part of the economic progress of the emirate in the future."

Oasis International Leasing recently reported a 240 per cent increase in earnings for 2006, with net profits reaching AED 95.8 Million. It has been active in the commercial aviation leasing sector, with recent aviation deals involving Etihad Airways as well as infrastructure with Tabreed. The company has pursued a policy of increasing diversification over the past year and has made it clear that it intends to create new sources of revenue and further diversify its investment strategy. The goal is increased value of the company and the provision of greater returns for shareholders.