Oasis secures underwriting for $54 million issue

Abu Dhabi's Oasis International Leasing has secured institutional underwriting for its planned $54.4 million rights issue.

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By  Neil Denslow Published  April 20, 2004

Oasis International Leasing, the Abu Dhbai-based big ticket lessor, has secured institutional underwriting for its planned $54.4 million rights issue. Mubadala Development Company has pledged $29 million, Abu Dhbai Investment Company has agreed $16 million and British defence manufacturer, BAE Systems has signed up for $10 million. The company, which recently announced a 1.2 million pre-tax profit for 2003, received all of the necessary authorisations and approvals to increase the company’s share capital through a rights issue and to increase its ceiling for overseas ownership to 49% two years ago. “We have not made any secret of our intention to grow the company and to increase the capital base to sustain that growth,” comments Gordon Dixon, Oasis International Leasing’s chief executive. “However, it is always difficult to raise equity in a depressed market and both 2002 and 2003 saw exceptionally challenging markets worldwide. When markets improve sufficiently, we will look to launch the issue.”

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