MIDEAST STOCKS-Dubai's Emaar Properties drags down index for worst loss in 4 wks | Reuters:
"* Emaar down 3.3 pct on dilution worry related to convertible
* But analysts say impact would be minor
* Kuwait index holds support on 200-day average
* Saudi's PetroRabigh jumps 9.9 pct again on marketing deal
* Dhofar International, Oman Investment up on M&A
By Nadia Saleem
DUBAI, Dec 16 (Reuters) - Dubai's bourse suffered its largest loss in a month on Monday as investors sold blue chip Emaar Properties in a delayed reaction to the prospect of dilution from a convertible bond. Other regional markets were narrowly mixed.
Emaar dropped 3.3 percent to 7.14 dirhams a day after the company said it would discuss on Tuesday whether to convert the bond into shares, after bond holders asked for the conversion. The developer issued a $500 million convertible bond in 2010, with maturity in 2015.
However, if full conversion takes place at 4.38 dirhams per share, there should only be a slight dilution of 2.2 percent in the stock price, analysts at NBK Capital estimated in a note."
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