Dubai Parks and Resorts (DPR) will seek shareholders’ approval on the proposed AED1,678 million rights issue, at the AGM scheduled for 18 April. The rights issue will be carried out at the nominal value of AED1/share. Shareholders will also be asked to authorise the Board of Directors to determine the timing of the proposed rights issue. Subject to shareholders approval, the Board of Directors of DPR will have one year from the date of the General Assembly to execute and decide upon the timing of the proposed rights issue, which is also subject to the approval of the Securities and Commodities Authority (SCA). Once the rights issue is announced and successfully concluded, the company’s issued share capital will become AED8.0 billion. The net proceeds of the rights issue will be used to primarily finance the expansion of Dubai Parks and Resorts theme park offering with the addition of a Six Flags branded park. Planned to open in 4Q2019, the proposed Six Flags Dubai will be the fourth theme park at the Dubai Parks and Resorts destination. (Company disclosure)