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18.7m NEW SHARES

Emaar approves bonds-to-shares conversion

Dubai, December 18, 2013

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.-Reuters




Tags: Emaar | bonds |

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