Abu Dhabi's Waha eyes $272m bond issue

Abu Dhabi's Waha Capital will use proceeds from a planned $272.3 million convertible bond or sukuk to fund its expansion, its chairman said in a statement on Tuesday.

Waha got board approval to issue mandatory convertible bonds or sukuk on Monday.

Waha's board will seek shareholder approval at the company's extraordinary general meeting (EGM) on March 21.

In a statement, Hussain al Nowais said: "Issuing these mandatory convertible bonds or sukuk will support the company's expansion plans and secure key projects in a number of economic sectors."

The company's annual general meeting will be on March 28, the statement said.

Waha made a net profit of $59 million in 2009 compared to $10.8 million the previous year. (Reuters)