Wednesday 27 May 2009

Shuaa may buy back Dh1.5bn bond

The investment bank Shuaa Capital may buy back some or all of a Dh1.5 billion (US$408.4 million) convertible bond issued to Dubai Banking Group.

Shuaa agreed to extend the deadline to reach an agreement with Dubai Banking Group until June 4, the bank said in a statement on the Dubai Financial Market website, where its shares are traded.

Talks between the two companies have stalled since November and both parties are no longer considering the option of extending the maturity of the bond by up to two years.

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