Dubai's Emaar approves 18.7m new shares

  • Share via facebook
  • Tweet this
  • Bookmark and Share

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."

Related:

Market Performance

Emaar Properties - UAE
10.45
0.15 1.46 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Blood on the bourse floor

Blood on the bourse floor

Arabtec’s share price collapse was the catalyst for a huge sell...

Risky business

Risky business

Libya’s stock market is one of the smallest in the Arab world...

Little-known investor poised to score big with Twitter IPO

Little-known investor poised to score big with Twitter IPO

New Yorker Suhail Rizvi has quietly amassed a $1bn 15% stake...

Most Discussed
  • 16
    Baby NOT on board?

    The people commenting here were all 20 years old when they were born, never cried, never screamed and never ran etc etc.
    more

    Thursday, 21 August 2014 8:30 AM - Amer
  • 2
    European court backs French ban on full-faced veil

    well said John Harte, it is the total opposition to freedom of expression, it degrades and dehumanizes women into objects that need to be wrapped up and... more

    Friday, 22 August 2014 6:38 PM - Polly Nicoll
  • 1
    Damac says first Akoya Oxygen homes sell out 'in record time'

    You have to be desperate to buy anything from Damac and that in the furthest farthest outposts of Dubai Land. Stay near the main Drag the SZR! more

    Saturday, 23 August 2014 1:29 AM - Special K
  • 23
    World's most pierced man refused entry to the UAE

    Tolerance has its limits everywhere including Dubai and those who considered Dubai a lawless circus were held accountable...so thank you Dubai authorities... more

    Thursday, 21 August 2014 10:51 PM - Khalil
  • 17
    UK looks to close tax loophole on expat landlords

    UK taxes too much and too complicated and time taking and confusing and continuous. Returns, lawyers, HMRC, taxes too much for too little. Not worth the... more

    Sunday, 17 August 2014 12:40 PM - AbdolRahman
  • 16
    Baby NOT on board?

    The people commenting here were all 20 years old when they were born, never cried, never screamed and never ran etc etc.
    more

    Thursday, 21 August 2014 8:30 AM - Amer