Khaldoon Khalifa Al Mubarak appointed Oasis Leasing Vice Chairman
- United Arab Emirates: Saturday, May 07 - 2005 at 09:24
- PRESS RELEASE
Oasis International Leasing, the Abu Dhabi-based big ticket leasing company, has announced the appointment of Khaldoon Khalifa Al Mubarak as Vice Chairman of the company's Board of Directors.
Previously, Al Mubarak was Executive Vice President - Corporate at Dolphin Energy and played a pivotal role in the Dolphin gas project by successfully leading the negotiations from concept through to the implementation stage. He holds a degree in Economics and Finance from Tufts University, Boston, USA.
Al Mubarak's appointment comes on the eve of the opening of the subscription period for Oasis Leasing's AED 800 million Rights Issue. Following approval from the Abu Dhabi Securities Market the 10-day subscription period will run from May 16 to May 25.
The Rights Issue was approved by Oasis Leasing's shareholders at an Extraordinary General Assembly held last month. It will more than double the company's paid up capital from AED 700 million to AED 1.5 billion.
It is the company's second Rights Issue in seven months. In October 2004, Oasis Leasing raised AED 200m through the issuance of 20 million shares, also priced at AED 10 each. That Rights Issue was heavily oversubscribed.
Oasis Leasing recently announced it's first move into non aviation and maritime assets with the formation of a joint venture with the Abu Dhabi Investment Company (ADIC) and Tabreed after buying a stake in the Industrial City Cooling Company (ICCC). The company owns two district cooling plants in Musafah, worth approximately AED 80m.
The Rights Issue also comes at a time when Oasis Leasing is close to concluding an agreement with Etihad Airways, the national carrier of the UAE, to finance a significant number of the airline's new Airbus aircraft. The two have signed an LOI for eight A330-200s.
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