AED 1 Billion Mandatory Bonds or Sukuk approved by Waha Assembly

Waha-CapitalIt has been forwarded by Abu Dhabi's Waha Capital that it has won acceptance from shareholders for its $272 million convertible bond issue. The company's chief executive said that the proceeds would be used mainly to finance a mixed use project.

In February, Waha Capital told that to fund its expansion plans, it planned to issue a 1 billion dirhams convertible bond or sukuk.

Salem Al Noaimi told reporters after the company's annual general meeting, "We plan to issue mandatory convertible bonds or sukuks in three tranches starting in July this year."

A 2.5% of cash dividend would be received by Shareholders of Waha Capital and 10% bonus shares.

The CEO told that, the first phase of the mixed-use Al Markaz project in Abu Dhabi is estimated to cost 4 billion dirhams.

He added that the current shareholders would increase priority for the convertible bonds which is followed by strategic investors.

Waha is an expanded investment holding company with interests in aircraft, maritime, land development and financial services.