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The board of Dubai-listed Shuaa Capital is to meet next week to consider approval of its two-tranche $175 million mandatory convertible bonds (MCBs) issuance.
The expected approval comes five months after the investment bank first announced that it was to issue the bonds, which convert to equity on maturity, to improve its balance sheet during a debt restructuring effort which has so far been a year in the making.
At Monday’s meeting, the board will also consider calling for a general assembly to approve the bond issuance, subject to regulatory approvals, a bourse filing said.
(Reporting by Imogen Lillywhite; editing by Seban Scaria)
