Shuaa Capital's value climbs

Shares of Shuaa Capital gained 1.2 per cent on Sunday after extending a deadline either for converting bonds it issued to Dubai Banking Group or agreeing on a new conversion price.

The bank said it agreed to extend the deadline until June 15 to reach an agreement on its Dh1.5 billion (US$408.4) convertible bond with Dubai Banking Group. Shuaa had earlier agreed a June 4 deadline and said it could buy back some or all of the convertible bond issued to Dubai Banking Group.

“The extension was made in the hope of bridging the remaining gap between their respective positions, and both parties continue to work toward a resolution which may be reached prior to the new deadline,” Shuaa said in a statement on the Dubai stock market web site where its shares are traded.