Waha Capital has won approval from shareholders for its AED 1 billion ($272.25 million) convertible bond issue (or Sukuk) and will use proceeds mainly to fund its expansion plans.
The announcement follows the Ordinary General Assembly and the Extraordinary General Meetings chaired by His Excellency Hussain Jassim Al Nowais, Chairman of Waha Capital, in attendance of the company's board members, stakeholders and executive management.
Last month, Waha Capital announced plans to issue mandatory convertible bonds and distribute 2.5 % cash dividends and 10% bonus shares of the company's paid-up capital.
Al Nowais comments: "Issuing bonds comes in line with the great growth and achievements witnessed at Waha since its new strategy launch in 2008. During the previous period, we unveiled several key initiatives that helped in leveraging the company's strength and competitiveness on both local and global levels, which will ultimately benefit its stakeholders and partners in the public and private sectors."
Waha Capital will issue mandatory convertible bonds in three tranches starting this summer, CAO udnertsands.