Abu-Dhabi based First Gulf Bank FGB.AD (FGB) is to convert bonds worth 3.6 billion dirhams ($980.4 million) into shares earlier than scheduled, at a valuation significantly higher than the current share price. FGB, the United Arab Emirates' second biggest bank by market value, will list 125 million new shares on the Abu Dhabi bourse .ADI on Feb 21 after converting bonds issued in July 2008 at a price of 28.80 dirhams per share, a statement said.
Shares in FGB ended 3.6 percent lower on Sunday, at 17.10 dirhams.
The bank's share capital will be adjusted to 1.5 billion dirhams from 1.38 billion dirhams, the statement said.
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