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