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Investors walk under a stock index board at the Dubai Financial Market in Dubai, United Arab Emirates, January 8, 2020.
Dubai-listed Shuaa Capital is set to go ahead with plans to issue mandatory convertible bonds (MCBs) to boost its balance sheet.
The company’s board of directors approved on Monday two issuances of MCBs, subject to regulatory approvals.
The board will meet again in November to tackle the final terms of the offerings and consider calling for shareholder approval on the issuances.
The investment bank and asset manager had earlier confirmed plans to offer MCBs in two tranches at a value of up to AED 367 million ($100 million) and AED 275.5 million. The smaller tranche will be offered to existing holders of the outstanding bonds issued by a Shuaa-affiliated special purpose vehicle (SPV).
(Writing by Cleofe Maceda; editing by Seban Scaria)
