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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



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)



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