Dubai, UAE — SHUAA Capital has announced the approval of two Mandatory Convertible Bond (MCB) tranches valued up to AED 425.5 million ($115 million).
The company said this marks the final step in its capital optimization journey, reinforcing its strategic focus on delivering value to shareholders. The issuance remains subject to approvals from shareholders and regulatory authorities.
The first tranche, valued at up to AED150 million, will be offered to existing shareholders through a private placement, with mandatory conversion into shares at AED0.32 per share. The second tranche, valued at up to AED275.5 million, will be offered to holders of existing bonds issued by a SHUAA-related special-purpose entity under the same conversion terms.
Both tranches will be converted into equity at the earliest opportunity following issuance, reflecting the company’s commitment to completing this process promptly.
The AED0.32 per share conversion price reflects SHUAA’s strategic growth trajectory and its enhanced financial position following a transformative year of progress, the company said.
As part of SHUAA’s progression, meanwhile, Ahmed Al Ahmadi has concluded his tenure as Managing Director and Board Member. Ahmed played a meaningful role in advancing the company’s capital optimization efforts.
Badr Al-Olama, Chairman of SHUAA Capital, said, “This milestone reflects the strong foundation SHUAA has built over the years. The MCB tranches represent an opportunity for shareholders and investors to participate in the next chapter of our growth story.”
