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.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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