Latest news with #Shuaa
Zawya
10-03-2025
- Business
- Zawya
Dubai's Shuaa Capital board approves size of mandatory convertible bond
The board of directors of the Dubai-listed Shuaa Capital has approved the sizes of the two mandatory convertible bond tranches (MCB) it expects to issue as as part of its capital optimisation plan. The bonds are to be issued in two tranches, one open to new investors with value of between 85 million dirhams ($23 million) and AED 150 million, and the second for noteholders of the entity's expired bond, has been approved for a value up to AED 267.1 million. The issuance has been set for on or before March 18, 2025, subject to approval by the Securities and Commodities Authority. They will be issued through private placement and will convert to equity in the company after issuance at AED 0.32 per share. Shuaa's share price is trading at AED 0.224 on Monday. Last month, Shuaa said it has received binding commitments from three entities to subscribe to the tranche that is open to new subscribers. They are Abu Dhabi-listed Eshraq Investments, United Motors & Heavy Equipment Company LLC, which is part of Abu Dhabi conglomerate Darwish bin Ahmed & Sons Group, and Al Baher Real Estate Development Company LLC. (Writing by Brinda Darasha; editing by Daniel Luiz)
Zawya
19-02-2025
- Business
- Zawya
Shuaa Capital launches exchange offer for expired $150mln bond
Shuaa Capital is to launch its exchange offer for its $150 million notes, 16 months after original expiration, exchanging up to $75 million in aggregated principal amount for UAE denominated mandatory convertible bonds (MCBs). The Dubai-listed entity secured two extensions on the notes from October 2023 to March 31 2025 during its debt restructuring process, following the issuance of a senior unsecured 7.5% Reg S bond in October 2020. Following the original maturity date, Shuaa has been preparing to issue MCBs in two tranches, the first to existing noteholders, the second to new investors. The MCBs and the exchange offer were approved by shareholders at the Dubai-listed entity's general assembly on Monday – the bonds will convert to equity after issuance at AED 0.32 per share. The existing noteholder MCBs, for which the offer opens Wednesday, will be up to AED 275.5 million ($75 million). The offer remains open until February 28, with indicative results to be announced on 3rd March and settlement to take place on or before 18th March. The second tranche, to new investors, is of up to AED 150 million. The investment bank and asset manager previously announced it had had secured AED 85 million in commitments. New investor binding commitments include Abu Dhabi Securities Exchange-listed Eshraq Investments, of which it is the major shareholder, Al Baher Real Estate Development LLC and United Motors & Heavy Equipment Company LLC. Shuaa announced a full year loss of AED 288.6 million for 2024 compared to AED 907 million in 2023, with revenue falling from AED 161 million to 88.5 million YoY. (Writing by Imogen Lillywhite; editing by Seban Scaria)
Zawya
11-02-2025
- Business
- Zawya
Shuaa Capital secures binding subscription commitments for MCB
Dubai-listed Shuaa Capital has received binding commitments from three entities for the subscription of its mandatory convertible bond (MCB) valued at up to AED 150 million, which is open to new investors. The investors are Abu Dhabi-listed Eshraq Investments, whose board approved the investment on Friday, United Motors & Heavy Equipment Company LLC, which is part of Abu Dhabi conglomerate Darwish bin Ahmed & Sons Group, and Al Baher Real Estate Development Company LLC. Al Baher was previously a significant Shuaa shareholder but sold its shares in November 2024. The MCBs are being issued as part of Shuaa's debt restructuring efforts, which have taken place over the past year. The bonds are to be issued in two tranches, one open to new investors valued at up to AED 150 million, and the second for noteholders of the entity's expired bond, valued at up to AED 275.5 million. They will be issued through private placement and will convert to equity in the company after issuance at AED 0.32 per share. Shuaa's share price closed at AED 0.235 on Monday.
Zawya
05-02-2025
- Business
- Zawya
Eshraq Investments to consider investing in Shuaa MCB
Eshraq Investments will consider investing in the mandatory convertible bond offering of Shuaa Capital, becoming a shareholder in the Dubai-listed entity, which is currently Eshraq's major shareholder. Abu Dhabi-listed Eshraq said the board will discuss the investment at a meeting on Friday. Shuaa is expected to issue the MCB in two tranches totalling $175 million in Q1 as part of debt restructuring, which has been taking place over the past year. Shuaa currently holds 18.38% of Eshraq shares according to LSEG data. Previously, Eshraq acquired 99.25% of the Shuaa-managed Goldilocks Fund in a share swap deal in 2022. (Writing by Imogen Lillywhite; editing by Daniel Luiz)
