Oasis International Leasing to allow foreign ownership of stock

The decision means Oasis becomes the second UAE public joint-stock company to allow international ownership of shares, after Dubai-based property and bank group EMAAR.

The change in Oasis's Articles of Association was passed unanimously by shareholders at a recent Extraordinary General Meeting in Abu Dhabi.

"This is a significant step in the development of the company. Widening the shareholder base will help meet the considerable investor interest in Oasis," said Gordon Dixon, Chief Executive, Oasis.

"We have not made any secret of our intention to grow the company and to increase the capital base to sustain that growth. The ability to offer shares to international investors will enable us, for the first time, to tap regional and global investors."

The change in the Articles of Association also allows individual shareholders to own more than 5% of the company. Dixon believes this will encourage institutional investors to increase their holding.

"Oasis has been and continues to be a successful venture for Abu Dhabi and the UAE. The returns to shareholders for this young company have been attractive and the cyclical nature of the leasing industry means there are many opportunities for us to grow and diversify our asset classes and to continue to generate attractive shareholder returns," said Dixon.

Oasis aims to build its asset and risk profile from its current US $472 million value to US $1,500 million with targeted moves into shipping, infrastructure and power plant financing.

Oasis's asset portfolio includes 12 aircraft on long-term lease to major regional and international flag carriers and a 50% stake in a capesize bulk carrier ship, acquired last year. The 172,000 tonne Japanese built vessel is capable of carrying a variety of dry cargoes, including iron ore, coal and grain.