Developers share price has doubled compared with a year ago
Emaar Properties will convert notes worth $476m into shares, at a conversion price of AED4.38 per share.
That will result in the Dubai-based developers share capital increasing to AED6.5bn ($1.77).
The Luxembourg Stock Exchange-listed notes, which mature on 20 December 2015, are part of a convertible bond issued in 2010. They were issued by Emaars subsidiary Pyrus, which is based on the Virgin Islands.
The developer, which is listed on the Dubai Financial Market, is profiting from the recovery of Dubais construction market. It is moving forward with several major projects in the Downtown Dubai district, and in December, signed a deal with state-owned Dubai World Central to develop an integrated urban centre and golf destination within the area.
You might also like...
Rainmaking in the world economy
19 April 2024
Oman receives Madha industrial city tender prices
19 April 2024
Neom seeks to raise funds in $1.3bn sukuk sale
19 April 2024
Saudi firm advances Neutral Zone real estate plans
19 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.