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Eshraq Investments will consider investing in the mandatory convertible bond offering of Shuaa Capital, becoming a shareholder in the Dubai-listed entity, which is currently Eshraq's major shareholder.
Abu Dhabi-listed Eshraq said the board will discuss the investment at a meeting on Friday.
Shuaa is expected to issue the MCB in two tranches totalling $175 million in Q1 as part of debt restructuring, which has been taking place over the past year.
Shuaa currently holds 18.38% of Eshraq shares according to LSEG data.
Previously, Eshraq acquired 99.25% of the Shuaa-managed Goldilocks Fund in a share swap deal in 2022.
(Writing by Imogen Lillywhite; editing by Daniel Luiz)
