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Shuaa issues 515 million shares to Dubai Banking Group

The shares represent …

August 29, 2009 7:22 by

Dubai-based financial firm Shuaa Capital has requested the Dubai Financial Market to issue 515 million new shares to Dubai Banking Group (DBG), it announced on Saturday.
This follows an agreement regarding the convertible bonds issued by Shuaa to DBG, according to which DBG will convert the AED1,500 million convertible notes into 515 million shares. The shares represent a 48.4 percent stake of Shuaa’s share capital.

Shuaa’s issued and paid up capital will be increased by AED515 million to AED1.065 billion, the company said, adding that total shareholders’ equity will remain unchanged at AED2.16 billion.

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