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Sharjah Islamic to issue AED 226.81m convertible sukuk

Sharjah Islamic to issue AED 226.81m convertible sukuk
SIB expects the conversion to be completed before 31 December 2017
Sharjah Islamic Bank
NBS
0.45% 2.25 0.01

Abu Dhabi – Mubasher: Sharjah Islamic Bank (SIB) on Tuesday announced entering into an agreement to issue AED 226.805 million sukuk convertible into ordinary shares.

The deal signed with the Sharjah Social Security Fund involves the conversion of 226.805 million SIB shares at par value of AED 1 per share, SIB said in a statement to the Abu Dhabi Securities Exchange (ADX).

Once the conversion of the sukuk takes place, SIB total number of shares will rise to 2.935 billion from 2.668 billion.

SIB said it expects the conversion to be completed before 31 December 2017.

SIB shareholders had originally approved the convertible sukuk in the company’s annual general meeting (AGM) in March this year, while relevant regulatory approvals came in later in March and June.