SHUAA Capital announced the approval of two tranches of Mandatory Convertible Bonds (MCB) worth up to AED 425.5 million.
Publish dateSunday 29 December 2024 - 22:53
According to Amac News: This action marks the last step in SHUAA capital optimization and strengthens the company's strategic focus on providing value to shareholders. The issuance of these bonds is subject to the approval of shareholders and regulatory authorities.
The first phase worth up to 150 million dirhams will be offered to existing shareholders through a private placement and will be compulsorily converted into shares at a price of 0.32 dirhams per share. The second phase worth up to AED 275.5 million will be offered to holders of existing bonds issued by a special entity related to SHUAA, with the same conversion conditions.
Both stages will be converted into shares upon issuance, which demonstrates the company's commitment to complete this process as soon as possible.
The conversion price of AED 0.32 per share reflects SHUAA's strategic growth trajectory and its strengthened financial position after a year of significant transformation. This price is in line with the intrinsic value resulting from the company's stronger balance sheet and the forward potential of its business, providing an attractive opportunity for investors to participate at this critical moment in SHUAA's growth story.
Following this progress, Ahmad Al Ahmadi has completed his management period as CEO and member of the board of directors. He played an important role in advancing the capital optimization efforts of the company.
The Chairman of SHUAA Capital, Badr Al Olma, noted that this achievement reflects the strong foundation that SHUAA has built over the years and that the Mandatory Convertible Bond rounds provide an opportunity for shareholders and investors to participate in our new chapter of growth.
SHUAA Capital CEO Wafiq Bin Mansour stated that the approval of MCB's steps is a defining moment in SHUAA's path to achieving its full potential, and the company is committed to completing this process in the coming quarter and delivering sustainable value to shareholders.
After completing the optimization program, SHUAA will enter a new phase of growth that will strengthen its position as a leader in the financial markets of the Middle East and North Africa and create more added value for its shareholders.
The first phase worth up to 150 million dirhams will be offered to existing shareholders through a private placement and will be compulsorily converted into shares at a price of 0.32 dirhams per share. The second phase worth up to AED 275.5 million will be offered to holders of existing bonds issued by a special entity related to SHUAA, with the same conversion conditions.
Both stages will be converted into shares upon issuance, which demonstrates the company's commitment to complete this process as soon as possible.
The conversion price of AED 0.32 per share reflects SHUAA's strategic growth trajectory and its strengthened financial position after a year of significant transformation. This price is in line with the intrinsic value resulting from the company's stronger balance sheet and the forward potential of its business, providing an attractive opportunity for investors to participate at this critical moment in SHUAA's growth story.
Following this progress, Ahmad Al Ahmadi has completed his management period as CEO and member of the board of directors. He played an important role in advancing the capital optimization efforts of the company.
The Chairman of SHUAA Capital, Badr Al Olma, noted that this achievement reflects the strong foundation that SHUAA has built over the years and that the Mandatory Convertible Bond rounds provide an opportunity for shareholders and investors to participate in our new chapter of growth.
SHUAA Capital CEO Wafiq Bin Mansour stated that the approval of MCB's steps is a defining moment in SHUAA's path to achieving its full potential, and the company is committed to completing this process in the coming quarter and delivering sustainable value to shareholders.
After completing the optimization program, SHUAA will enter a new phase of growth that will strengthen its position as a leader in the financial markets of the Middle East and North Africa and create more added value for its shareholders.
amacnews.com/vdch.init23nk-10d2.html
Source : news agency wam
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