Amlak shareholders agree on AED2.1b convertible issue

|By TAP Staff| Shareholders of Dubai’s Amlak Finance have approved the issuance of a sharia-compliant instrument convertible into its stock worth up to 2.1 billion dirhams ($571.8 million), a statement from the mortgage provider said on Sunday.

The instrument is a key part of the company’s $2.7 billion debt restructuring plan, agreed with creditors in August.

Amlak, whose shares have not traded on the Dubai Financial Market since November 2008, also agreed to convene a shareholder meeting to approval the resumption of trading, provisionally scheduled to take place in the first quarter of 2015, the statement added.

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