Dubai-listed Shuaa Capital to issue $150mln bonds

Offering will be listed outside UAE

Image used of illustrative purpose. United Arab Emirates currency.

Image used of illustrative purpose. United Arab Emirates currency.

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Dubai’s Shuaa Capital has received the green light from its board to issue bonds worth up to $150 million.

The bonds will be offered through a private placement and will be listed outside the UAE, the company said on Monday.

In a bourse filing, the company said its board of directors approved the issuance of bonds in an amount up to $150 million. The planned offering, however, is still subject to regulatory and shareholders' approval.

The asset management and investment banking platform, which has $13 billion in assets under management, has joined a growing number of corporates making a comeback to the debt markets to raise extra capital.

The company’s net profit for the second quarter of the year amounted to 267 million UAE dirhams.

Despite the headwinds from the coronavirus pandemic, the company said its investment bank’s model remains resilient and that it is actively involved in capital restructuring and raising mandates in excess of $2 billion.

(Reporting by Cleofe Maceda; editing by Seban Scaria)

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