Waha Capital to issue convertible bonds

29 March 2010

Shareholders of Abu Dhabi's Waha Capital have given their approval for a $272m convertible bond issue, Reuters has reported. The firm plans to issue mandatory convertible bonds or sukuks in three tranches starting in July this year, Salem Al Noaimi, Waha's chief executive told the news service. Waha Capital will use the bond's proceeds to finance its Al Markaz mixed use project and strengthen its balance sheet.

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