The long-running dispute over a convertible bond between Shuaa Capital and Dubai Banking Group (DBG) ended amicably yesterday when the investment bank’s shareholders voted in favour of a compromise.
The agreement allows Dubai Banking Group to delay by one year the conversion of a mandatory bond into shares originally due last October, because of Shuaa’s declining share price.
“It is the best decision under the circumstances,” said Iyad Duwaji, the chief executive of Shuaa Capital. “It is in line with what the board had recommended to its shareholders.”
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