Dubai’s Emaar Approves Bonds-To-Shares Conversion

Holders of Dubai-based developer Emaar Properties’ convertible bonds will receive 18.7 million new shares in the company after its board approved conversion of the instruments, the company said on Wednesday.

Emaar issued $500 million of five-year convertible bonds in 2010. Wednesday’s statement did not give further details of the timing or price of the conversion.

The company currently has 6.09 billion shares outstanding, according to Thomson Reuters data.

Source: Reuters