Adnoc unit to issue Dh391.5 million bonds

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A UAE marine construction firm controlled by the Abu Dhabi National Oil Company (Adnoc) said yesterday it would issue Dh391.5 million convertible bonds for a strategic partner to increase its capital.

National Marine Dredging Company (NMDC), owned 40 per cent by Adnoc, said the bonds would have a conversion rate of Dh7.83 and would be interest free.

It said its board had approved the bond issue and would present it to the company's general assembly for approval.