SHUAA Capital has secured board approval for two Mandatory Convertible Bond (MCB) tranches worth up to Dh425.5 million, marking the final phase of the company’s capital optimisation strategy. The issuance remains subject to shareholder and regulatory approvals.
The first tranche, valued at up to Dh150 million, will be offered to existing shareholders through a private placement. These bonds will be mandatorily converted into shares at Dh0.32 per share. The second tranche, valued at up to Dh275.5 million, will be available to holders of existing bonds issued by a SHUAA-related special-purpose entity with the same conversion terms.
Both tranches will convert to equity shortly after issuance. The conversion price of Dh0.32 per share highlights SHUAA’s improved financial position following a year of transformative progress and aligns with the company’s strategic growth trajectory.
“This milestone reflects the strong foundation SHUAA has built over the years,” said Badr Al-Olama, Chairman of SHUAA Capital. “The MCB tranches represent an opportunity for shareholders and investors to participate in the next chapter of our growth story.”
Leadership transition
As part of SHUAA’s strategic evolution, Managing Director and Board Member Ahmed Al Ahmadi has concluded his tenure. Al Ahmadi played a significant role in advancing the company’s capital optimisation initiatives.