SHUAA Capital PSC announced a private placement that it will issue Convertible bonds for the gross proceeds of AED 367,000,000 on May 20, 2024. The conversion value of the bonds will be determined by an independent financial advisor. The Board of Directors has recommended these mandatory convertible bonds of up to AED 275.5 million on or before March 31, 2025.

These will be offered to subscription by existing holders of outstanding bonds issued by a Shuaa-affiliated special purpose vehicle. The transaction is subject to the approvals from the shareholder and the regulatory approval.