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Manni EGM nods to issue $600m bonds

Manni EGM nods to issue $600m bonds
The board also gave the green light to establish one or more special purpose companies
Mannai
MCCS
0.17% 4.16 0.01

Mubasher: Qatari investment company Mannai Corporation’s extraordinary general meeting (EGM) has approved a $600 million bond sale.

The EGM approved to issue the bonds directly by the firm or indirectly via a wholly-owned subsidiary, to be irrevocably and unconditionally guaranteed by the investment firm, according to a statement to the Qatar Stock Exchange (QSE) on Thursday.

The board also gave the green light to establish one or more special purpose companies to be wholly owned subsidiaries of Mannai. 

“Approving any actions required to cause the Company or any subsidiary or subsidiaries of the Company … to issue and sell the Bonds in amounts that shall not exceed in aggregate the Issuance Amount, in public or private offerings, at any time,” the statement added.

The QSE-listed company reported a 5.4% drop in profits, registering QAR 506.14 million during the full-year 2017, compared to QAR 535.12 million a year earlier.