23
Sep
12:53
Arkan approves convertible bond issuance for ESI acquisition
Abu Dhabi-based Arkan Building Materials Company's board of directors has approved the issuing of mandatory convertible bonds with a nominal value of AED 1 ($0.27) each for the acquisition of Emirates Steel Industries (ESI), Arkan says in a bourse filing seen by Kallanish.
The mandatory convertible bonds have an aggregated principal amount of AED 4.06 billion ($1.1 billion), to the sole shareholder of ESI, General Holding Corporation (Senaat).
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