Abu Dhabi – Mubasher: Sharjah Cement and Industrial Development Company (SCIDC) on Thursday announced the conversion of its convertible sukuk, which were subscribed by Sharjah Social Insurance Fund, and the issuance of 55.29 million ordinary shares to the fund.

The company’s shares increased to 608.25 million shares from 552.95 million shares, bringing the social fund’s stake in both issued and paid capital to 9.09%, according to a bourse statement.

In December 2017, the Abu Dhabi and Kuwait-listed company inked an agreement with Sharjah Social Insurance Fund to issue convertible sukuk.