Shareholders of mortgage lender to meet to discuss restructuring and proposed issue of equity-linked bonds
Dubai mortgage lender Amlak Finance said on Wednesday that it would hold a shareholder meeting on September 21 to discuss its restructuring plan and a proposed issue of equity-linked bonds.
Creditors of the company, whose shares have been suspended since late 2008 after it was hit by a local real estate crash and the global financial crisis, last month approved a plan to restructure debts worth around $2.7 billion.
Shareholders will meet later this month to discuss the restructuring plan and the company's financial outlook, a statement to the Dubai bourse said on Wednesday.
A plan to issue a sharia-compliant financial instrument, convertible into the firm's shares and worth up to AED2.1 billion ($572 million), will also be considered.