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Finance House EGM to discuss bond issue mid-April

Finance House EGM to discuss bond issue mid-April
Photo Credit: Arabianeye-Reuters
Finance House
FH
11.52% 2.13 0.22

Abu Dhabi – Mubasher: Finance House (FH) announced that the Securities and Commodities Authority (SCA) has approved an extraordinary general meeting (EGM) to be held on 16 April after trading hours.

The EGM will discuss the issuance of AED 400 million in bonds with the aim of boosting capital efficiency and supporting the company’s financial position, FH revealed in its filing to the Abu Dhabi Securities Exchange (ADX).

The bond issuance includes a non-convertible issue amounting to AED 300 million in addition to a convertible issuance worth AED 100 million at par value of AED 1 per share, bringing FH’s total capital to AED 402.5 million.

FH’s shareholders approved on 16 March a cash dividend representing 20% of capital or AED 0.20 per share, totalling AED 60.5 million in addition to a stock dividend representing 2.5% of capital.

FH reported a net profit of AED 73.3 million in 2014 compared to AED 73.7 million in 2013, registering a decline by 12.4%.