NBAD okays employee bonds

by Ola Galal Sunday, 13 July 2008

National Bank of Abu Dhabi (NBAD), the emirate's biggest bank by market value, said on Sunday it had approved plans to offer employees convertible bonds and decided on a conversion price.

The bonds would be converted into shares at 19.20 dirhams ($5.23), which would be adjusted if the bank increases its capital in the future, NBAD said in a statement on the bourse website.

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Shares of NBAD buck a downtrend on the Abu Dhabi bourse, rising 2.25 percent to 20.45 dirhams at 0658 GMT.
The total shares issued for these bonds should not exceed 2.5 percent of the bank's paid-up capital when the shares are issued in July 2011, the bank said. (Reuters)



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