Aldar raises capital

07 January 2008
Abu Dhabi-based developer Aldar Properties has raised its capital to AED 2.2bn ($592m), following the conversion of its Islamic bond into 76.5 million new shares.

The shares have a nominal value of AED 1 ($0.27) and are listed on the Abu Dhabi Securities Market.

The company has a market capitalisation of AED 25.8bn ($6.9bn). Its shares closed trading at AED 12 ($3.22) on 7 January, down from AED 12.1 ($3.25) on the previous day.

The convertible sukuk was issued in March last year and matures in November 2011.

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