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As per the rules and regulations of ADSM, the trading of Oasis' shares will halt on Thursday, May 9 and will remain suspended on Sunday, May 13. Trading of the stock with the split price of AED 1 per share will commence on Monday, 14th May 2007.
HE Hussain Al Nowais, Chairman of Oasis Leasing said,
"The decision will contribute to strengthening the company. The share split will help broaden the shareholder base of Oasis, which is in line with the spirit of the economic reforms underway in the UAE."
Al Nowais expressed confidence that Oasis will continue to build on its financial performance this year. For the first quarter of 2007, the company registered a net profit of AED 28.3 million, an increase of 117 percent compared to the corresponding period last year.
The EGM also approved the proposal to restructure Oasis Leasing and modify its name to "Oasis Capital". Oasis Capital will be the parent company under which companies specializing in providing financial services such as financing, leasing and investing will operate.
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Posted by Anne-Birte Stensgaard, Senior News Editor
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