Shuaa is pushing ahead with plans to take in fresh funds from existing bondholders. It has also confirmed a new CEO. Image Credit: Shutterstock

Dubai: The Dubai investment company Shuaa Capital has confirmed plans to issue Dh367 million by way of mandatory convertible bonds as it seeks to finalise a turnaround strategy. The bond issue will happen subject to regulator and shareholder approval. 

The conversion value of the bonds will be determined by an independent financial advisor.

The Board of Directors has recommended these mandatory convertible bonds of up to Dh275.5 million on or before March 31, 2025. These will be offered to subscription by existing holders of outstanding bonds issued by a Shuaa-affiliated special purpose vehicle (SPV).

As and when Shuaa gets approvals for this, it will come as another relief for the company, which recently negotiated with existing bondholders for more time to pay off $150 million.

Shuaa has also confirmed Wafik Ben Mansour as the new CEO after a stint since last November in an 'acting CEO' capacity. (The company had seen multiple departures in recent months of top executives.)