This follows the agreement regarding the convertible bonds issued by Shuaa to Dubai Banking Group, whereby Dubai Banking Group will convert the Dhs1,500m convertible notes into 515 million shares, representing a 48.4% stake of Shuaa Capital's share capital.
As a result, Shuaa's issued and paid up capital will be increased by Dhs515m to Dhs1,065m.
Total shareholders' equity will remain unchanged at Dhs2.16bn as reported in the second quarter 2009 financial statements.
The new agreement represents a conversion price of Dhs2.91 per share, equal to a premium of 93% to the closing share price of Shuaa of Dhs1.51 on 27 August 2009.
The foregoing terms are within the authority conferred by Shuaa's shareholders in their extraordinary general meeting held in Dubai on 15 April 2009.
Browse
related articles
Shuaa Capital issues 515 million shares to Dubai Banking Group
- United Arab Emirates: Saturday, August 29 - 2009 at 15:35
- PRESS RELEASE
Shuaa Capital, the GCC's leading financial services institution, announces that it has received approval from the concerned authorities and has requested the Dubai Financial Market to issue 515 million new shares to Dubai Banking Group.
Related stories
Also consider reading:
Digg
Facebook
LinkedIn
Twitter
Browse
related articles
Log in to request more information from SHUAA Capital
Notes and media contacts
About Shuaa Capital psc:Since 1979, Shuaa Capital has played a prominent role in shaping the financial services landscape of the GCC and will continue to be at the vanguard of regional integration into global financial markets.
Shuaa Capital maintains a leadership position in Investment Banking, Asset Management, Brokerage, Private Equity, Finance, and Research. Headquartered in Dubai, in the United Arab Emirates, Shuaa Capital has a regional presence with offices in Abu Dhabi, Riyadh, Doha, Cairo, Beirut and Istanbul.
Embedded in the dynamic economic environment of the Gulf Cooperation Council (GCC), Shuaa Capital provides a broad range of financial services to corporations, governments, institutional clients, and high net worth individuals.
For further information contact:
Oliver C. Schutzmann
Chief Communications Officer
Shuaa Capital psc
Level 2, West Wing, The Gate Building
Dubai International Financial Center
P.O. Box 31045, Dubai - UAE
Tel: +971 4 3651 872
Fax: +971 4 3303 550
Posted by Nadeen El AjouSaturday, August 29 - 2009 at 15:35 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
Disclaimer:
Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com
Any opinions, advice, statements, offers or other information expressed in this section of the AMEinfo.com Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC / Emap Limited. AME Info FZ LLC / Emap Limited is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AMEinfo.com Web site.
For details about submitting your stories, please read the guide - all content published is subject to our terms and conditions
It looks like you are using a Mac - check out our 
Web Feeds