Emaar postpones shareholder meet, bond vote to Nov 8
The company planned to use proceeds from the bond to refinance short-term liabilities and for general corporate purposes.
November 3, 2010 4:42 by Reuters
Emaar Properties has postponed an extraordinary general meeting aimed at voting on the issuance of a $500 million convertible bond to Nov. 8 after Wednesday’s meeting failed to draw a quorum.
The United Arab Emirates’ largest listed property firm said in September it would issue the five-year note, which would carry a coupon of 7.5 percent.
The builder of the world’s tallest tower, the Burj Khalifa, has said it planned to use proceeds from the bond to refinance short-term liabilities and for general corporate purposes.
(Reporting by Praveen Menon; Editing by Firouz Sedarat)