Bahrain’s Ahli United Bank says IFC to convert debt into shares

Dubai: Ahli United Bank, Bahrain’s largest lender, received a request from the International Finance Corporation (IFC) to convert subordinated debt to shares in the bank, it said in a statement on Sunday.

The bank did not disclose how much debt would be converted, however 118.61 million new ordinary shares with a value of $0.8431 per share would be issued to IFC subject to regulatory approval, the bourse filing said.

The number of shares being issued accounts for roughly 2 per cent of the bank’s current share capital, according to Reuters calculations.