Emaar to redeem bond issue in Feb
Dubai, January 7, 2014
Dubai's Emaar Properties will redeem the outstanding amount of its $500 million convertible bond issue on February 6, the developer said in a bourse filing.
Paper worth $237.5 million was still outstanding following an earlier conversion of the bonds into stock late last year. Board members of Emaar had approved conversion of the instrument in December.
The conversion price for the bond would be Dh4.38 per share, significantly below its closing share price of Dh7.98 on Sunday.
Shares of Emaar climbed 103.7 per cent last year, helped by returning confidence in Dubai's real estate sector and the wider economy.-Reuters