Dubai's Emaar approves 18.7m new shares

Holders of Dubai-based developer Emaar Properties' convertible bonds will receive 18.7m new shares in the company after its board approved conversion of the instruments, the company said on Wednesday.

Emaar issued $500m of five-year convertible bonds in 2010. Wednesday's statement did not give further details of the timing or price of the conversion.

The company currently has 6.09bn shares outstanding, according to Thomson Reuters data.

Earlier this month, shares in the master developer, which build Dubai's Burj Khalifa - the world's tallest building - surged to a 63-month high after the developer announced a joint-venture project near the emirate's 2020 World Expo site.

Emaar's project with Dubai World Central (DWC) includes hotels, malls and golf course communities.

"Emaar will benefit overall from the kind of projects being built around the Dubai real estate recovery as well as the World Expo 2020 - today's announcement is an example," said Ali Adou, portfolio manager at The National Investor. "The only real quality real estate name is Emaar in terms of financials."

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