{"id":99265,"date":"2024-12-30T00:00:00","date_gmt":"2024-12-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/shuaa-approves-aed-425-5-mn-convertible-bond-issuance\/"},"modified":"2024-12-30T00:00:00","modified_gmt":"2024-12-30T00:00:00","slug":"shuaa-approves-aed-425-5-mn-convertible-bond-issuance","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/12\/30\/shuaa-approves-aed-425-5-mn-convertible-bond-issuance\/","title":{"rendered":"Shuaa approves AED 425.5 mn convertible bond issuance"},"content":{"rendered":"

Investment platform Shuaa Capital\u2019s board of directors approved the issuance of two tranches of mandatory <\/strong>convertible bonds (MCB)<\/strong>, with a total maximum value of AED 425.5 mn, according to a statement (pdf)<\/a>. The bonds will be issued through private placement, subject to shareholder and regulatory approvals.<\/p>\n

The details: <\/strong>The first tranche will include bonds valued at up to AED 150 mn, offered to all investors in Shuaa. A follow-up issuance with a maximum value of AED 275.5 mn will be offered to the \u201cexisting bondholders of the outstanding bonds issued by a Shuaa-related special purpose entity,\u201d the disclosure reads. Both tranches will be convertible into shares at a rate of AED 0.32 per share.<\/p>\n

We knew this was coming: <\/strong>The firm revealed plans earlier in May to issue a total of AED 642.5 mn of mandatory convertible bonds<\/a> as part of its capital optimization plan, with the bond issuances pending regulatory approvals. The MCB issuances are to be the final step in the capital optimization plan, according to the statement.<\/p>\n

IN CONTEXT- Shuaa has been undergoing major restructuring after substantial losses in <\/strong>2023. <\/strong>Shuaa reached an agreement with bondholders in April<\/a> to extend the payment terms for some USD 150 mn worth of bonds, and appointed a new management team<\/a> with Wafik Ben Mansou as CEO as part of its capital optimization plan. The investment bank has fully settled<\/a> around AED 500 mn (USD 136 mn) in margin facilities with multiple UAE banks. Shuaa also finalized an agreement with its senior creditor last week to restructure AED 208 mn<\/a> in outstanding facilities.<\/p>\n

ALSO- As part of Shuaa\u2019s ongoing restructuring efforts<\/strong>, Ahmed Al Ahmadi (LinkedIn<\/a>) will step down from his roles as Managing Director and Board Member, effective December 30.<\/p>\n","protected":false},"excerpt":{"rendered":"

The bonds will be converted into shares at a fixed price of AED 0.32 per share<\/p>\n","protected":false},"author":1,"featured_media":99266,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1546],"tags":[68,7,217],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-99265","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-debt-watch","tag-enterpriseam-uae","tag-shuaa-capital","wpautop","entry"],"acf":{"mongo_id":"737ba2f4-3ad0-4833-b940-58372f6ee6df","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/549.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Shuaa approves AED 425.5 mn convertible bond issuance","related_issue":[99255],"teaser":"The bonds will be converted into shares at a fixed price of AED 0.32 per share","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/12\/.87806d79-8e30-476e-a168-2fd30950e663.mp3"},"yoast_head":"\nShuaa approves AED 425.5 mn convertible bond issuance - UAE<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/uae\/2024\/12\/30\/shuaa-approves-aed-425-5-mn-convertible-bond-issuance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Shuaa approves AED 425.5 mn convertible bond issuance\" \/>\n<meta property=\"og:description\" content=\"The bonds will be converted into shares at a fixed price of AED 0.32 per share\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/uae\/2024\/12\/30\/shuaa-approves-aed-425-5-mn-convertible-bond-issuance\/\" \/>\n<meta property=\"og:site_name\" content=\"UAE\" \/>\n<meta property=\"article:published_time\" content=\"2024-12-30T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/549.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/12\/30\/shuaa-approves-aed-425-5-mn-convertible-bond-issuance\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/12\/30\/shuaa-approves-aed-425-5-mn-convertible-bond-issuance\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Shuaa approves AED 425.5 mn convertible bond issuance\",\"datePublished\":\"2024-12-30T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/12\/30\/shuaa-approves-aed-425-5-mn-convertible-bond-issuance\/\"},\"wordCount\":287,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/12\/30\/shuaa-approves-aed-425-5-mn-convertible-bond-issuance\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/549.jpg?fit=%2C&ssl=1\",\"keywords\":[\"DEBT WATCH\",\"EnterpriseAM UAE\",\"Shuaa Capital\"],\"articleSection\":[\"DEBT WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/12\/30\/shuaa-approves-aed-425-5-mn-convertible-bond-issuance\/\",\"url\":\"https:\/\/enterpriseam.com\/uae\/2024\/12\/30\/shuaa-approves-aed-425-5-mn-convertible-bond-issuance\/\",\"name\":\"Shuaa approves AED 425.5 mn convertible bond issuance - UAE\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/12\/30\/shuaa-approves-aed-425-5-mn-convertible-bond-issuance\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/12\/30\/shuaa-approves-aed-425-5-mn-convertible-bond-issuance\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/549.jpg?fit=%2C&ssl=1\",\"datePublished\":\"2024-12-30T00:00:00+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/12\/30\/shuaa-approves-aed-425-5-mn-convertible-bond-issuance\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/enterpriseam.com\/uae\/2024\/12\/30\/shuaa-approves-aed-425-5-mn-convertible-bond-issuance\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/12\/30\/shuaa-approves-aed-425-5-mn-convertible-bond-issuance\/#primaryimage\",\"url\":\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/549.jpg?fit=%2C&ssl=1\",\"contentUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/549.jpg?fit=%2C&ssl=1\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/12\/30\/shuaa-approves-aed-425-5-mn-convertible-bond-issuance\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/enterpriseam.com\/uae\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Shuaa approves AED 425.5 mn convertible bond issuance\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/#website\",\"url\":\"https:\/\/enterpriseam.com\/uae\/\",\"name\":\"UAE\",\"description\":\"The State of the Nation\",\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/enterpriseam.com\/uae\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/#organization\",\"name\":\"UAE\",\"url\":\"https:\/\/enterpriseam.com\/uae\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ent.news\/internal\/42998.svg\",\"contentUrl\":\"https:\/\/ent.news\/internal\/42998.svg\",\"caption\":\"UAE\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\",\"name\":\"enterpriseam admin\",\"sameAs\":[\"http:\/\/enterpriseam.testing.projectsarea.com\"],\"url\":\"https:\/\/enterpriseam.com\/uae\/author\/enterpriseam\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Shuaa approves AED 425.5 mn convertible bond issuance - UAE","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/enterpriseam.com\/uae\/2024\/12\/30\/shuaa-approves-aed-425-5-mn-convertible-bond-issuance\/","og_locale":"en_US","og_type":"article","og_title":"Shuaa approves AED 425.5 mn convertible bond issuance","og_description":"The bonds will be converted into shares at a fixed price of AED 0.32 per share","og_url":"https:\/\/enterpriseam.com\/uae\/2024\/12\/30\/shuaa-approves-aed-425-5-mn-convertible-bond-issuance\/","og_site_name":"UAE","article_published_time":"2024-12-30T00:00:00+00:00","og_image":[{"url":"https:\/\/i0.wp.com\/ent.news\/2024\/3\/549.jpg?fit=%2C&ssl=1","type":"","width":"","height":""}],"author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/uae\/2024\/12\/30\/shuaa-approves-aed-425-5-mn-convertible-bond-issuance\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/uae\/2024\/12\/30\/shuaa-approves-aed-425-5-mn-convertible-bond-issuance\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/uae\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"Shuaa approves AED 425.5 mn convertible bond issuance","datePublished":"2024-12-30T00:00:00+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/uae\/2024\/12\/30\/shuaa-approves-aed-425-5-mn-convertible-bond-issuance\/"},"wordCount":287,"publisher":{"@id":"https:\/\/enterpriseam.com\/uae\/#organization"},"image":{"@id":"https:\/\/enterpriseam.com\/uae\/2024\/12\/30\/shuaa-approves-aed-425-5-mn-convertible-bond-issuance\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2024\/3\/549.jpg?fit=%2C&ssl=1","keywords":["DEBT WATCH","EnterpriseAM UAE","Shuaa Capital"],"articleSection":["DEBT WATCH"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/uae\/2024\/12\/30\/shuaa-approves-aed-425-5-mn-convertible-bond-issuance\/","url":"https:\/\/enterpriseam.com\/uae\/2024\/12\/30\/shuaa-approves-aed-425-5-mn-convertible-bond-issuance\/","name":"Shuaa approves AED 425.5 mn convertible bond issuance - UAE","isPartOf":{"@id":"https:\/\/enterpriseam.com\/uae\/#website"},"primaryImageOfPage":{"@id":"https:\/\/enterpriseam.com\/uae\/2024\/12\/30\/shuaa-approves-aed-425-5-mn-convertible-bond-issuance\/#primaryimage"},"image":{"@id":"https:\/\/enterpriseam.com\/uae\/2024\/12\/30\/shuaa-approves-aed-425-5-mn-convertible-bond-issuance\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2024\/3\/549.jpg?fit=%2C&ssl=1","datePublished":"2024-12-30T00:00:00+00:00","breadcrumb":{"@id":"https:\/\/enterpriseam.com\/uae\/2024\/12\/30\/shuaa-approves-aed-425-5-mn-convertible-bond-issuance\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/enterpriseam.com\/uae\/2024\/12\/30\/shuaa-approves-aed-425-5-mn-convertible-bond-issuance\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/uae\/2024\/12\/30\/shuaa-approves-aed-425-5-mn-convertible-bond-issuance\/#primaryimage","url":"https:\/\/i0.wp.com\/ent.news\/2024\/3\/549.jpg?fit=%2C&ssl=1","contentUrl":"https:\/\/i0.wp.com\/ent.news\/2024\/3\/549.jpg?fit=%2C&ssl=1"},{"@type":"BreadcrumbList","@id":"https:\/\/enterpriseam.com\/uae\/2024\/12\/30\/shuaa-approves-aed-425-5-mn-convertible-bond-issuance\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/enterpriseam.com\/uae\/"},{"@type":"ListItem","position":2,"name":"Shuaa approves AED 425.5 mn convertible bond issuance"}]},{"@type":"WebSite","@id":"https:\/\/enterpriseam.com\/uae\/#website","url":"https:\/\/enterpriseam.com\/uae\/","name":"UAE","description":"The State of the Nation","publisher":{"@id":"https:\/\/enterpriseam.com\/uae\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/enterpriseam.com\/uae\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/enterpriseam.com\/uae\/#organization","name":"UAE","url":"https:\/\/enterpriseam.com\/uae\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/uae\/#\/schema\/logo\/image\/","url":"https:\/\/ent.news\/internal\/42998.svg","contentUrl":"https:\/\/ent.news\/internal\/42998.svg","caption":"UAE"},"image":{"@id":"https:\/\/enterpriseam.com\/uae\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/enterpriseam.com\/uae\/#\/schema\/person\/ca597032db7e4db868359c123cec256d","name":"enterpriseam admin","sameAs":["http:\/\/enterpriseam.testing.projectsarea.com"],"url":"https:\/\/enterpriseam.com\/uae\/author\/enterpriseam\/"}]}},"featured_image_src":"https:\/\/i0.wp.com\/ent.news\/2024\/3\/549.jpg?resize=600%2C400&ssl=1","featured_image_src_square":"https:\/\/i0.wp.com\/ent.news\/2024\/3\/549.jpg?resize=600%2C600&ssl=1","author_info":{"display_name":"enterpriseam admin","author_link":"https:\/\/enterpriseam.com\/uae\/author\/enterpriseam\/"},"jetpack_featured_media_url":"https:\/\/i0.wp.com\/ent.news\/2024\/3\/549.jpg?fit=%2C&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/posts\/99265","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/comments?post=99265"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/posts\/99265\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/issue\/99255"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/media\/99266"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/media?parent=99265"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/categories?post=99265"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/tags?post=99265"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/brand?post=99265"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=99265"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}