The issue date will be on October 2, with the maturity date for the first issue due on October 30
The move is a departure from its original plan last December to issue convertible bonds.
A convertible bond is a type of bond that can be converted into shares of stock in the issuing company, usually at some pre-announced ratio. From the issuer's perspective, the key benefit of raising money by selling convertible bonds is a reduced cash interest payment.
The company said previously it was planning to double its land holdings in
Union Properties shares closed 1.75 percent higher to Dh0.58.
“Clarification that the Union Properties bond issue will be non-convertible calmed investors as this route it is not dilutive to the value of shareholder equity. A convertible bond would have brought selling pressure to the stock,” said Matthew Wakeman, managing director of cash and equity linked trading at EFG-Hermes.
· rocel@khaleejtimes.com
The issue date will be on October 2, with the maturity date for the first issue due on October 30
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