Middle East Economic Survey

VOL. LII

No 26

29-Jun-2009

UAE

Shuaa Capital And Dubai Banking Group Reach Agreement On $408Mn Convertible Bond

The investment bank Shuaa Capital and Dubai Banking Group (DBG), a government investment vehicle, announced on 25 June that they reached an agreement on new terms for the convertible bond originally entered into in October 2007. According to the new agreement, DBG will convert the Dh1.5bn ($408mn) bonds into 515 million shares representing a 48.4% stake of...