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Thu 27 Dec 2007 01:29 PM

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Aldar issues 16.4mn extra shares

Shares from convertible bonds UAE real estate developer sold earlier this year, Abu Dhabi bourse says.

Aldar Properties, the second-biggest UAE developer by market value, issued 16.4 million shares on Thursday from convertible bonds it sold earlier this year, the Abu Dhabi bourse said.

Aldar has until January 3 to issue another 13.97 million shares, the bourse said in a statement on its website on Thursday.

In February, Aldar sold $2.53 billion worth of Islamic bonds, or sukuk, convertible into shares to raise money for expansion.

Aldar shares were down 3.95% at 0803 GMT. (Reuters)