By Ramy Samih

Abu Dhabi – Mubasher: Shareholders of Abu Dhabi-listed Finance House approved a bond issue worth AED 400 million that will go for boosting the company’s financial position and capital adequacy.

Speaking on the sidelines of the ordinary general meeting held Thursday, Chairman Mohamed Al Qubaisi said the bond issue program will include non-convertible bonds worth AED 300 million in addition to convertible bonds at a value of AED 100 million, which will lead to an increase in capital to AED 402.5 million.

Several major entities in the GCC region are seeking to tap the bonds and Sukuk market to capitalise on the low interest rates and move away from bank loans whose costs are seen rising.

Finance House earlier posted a 12.4% fall in 2014 net profits to AED 73.3 million, compared with AED 83.7 million a year earlier.

Translated by Sayed Abdel Rahman