Shuaa Capital reaches final phase of restructuring plan

Dubai-listed investment bank Shuaa Capital has reached the final phase of its restructuring plan with the approval of two mandatory convertible bond tranches of up to AED425.5 million ($115.85 million).

The first tranche, valued at up to AED150 million, will be offered to existing shareholders through a private placement, with mandatory conversion into shares at AED0.32 per share.

The second tranche, valued at up to AED275.5 million, will be offered to holders of existing bonds issued by a Shuaa-related special-purpose entity under the same conversion terms.

Both tranches will be converted into equity at the earliest opportunity post-issuance, pending approvals from shareholders and regulatory authorities.

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The AED0.32 per share conversion price underscores Shuaa’s strategic growth trajectory and enhanced financial position.  

CEO Wafik Ben Mansour said Shuaa will enter a growth phase after the capital restructuring plan is completed.