Dubai - Mubasher: The board member of Shuaa Capital recommended issuing private placement and mandatory convertible bonds (MCBs) of up to AED 367 million, according to a bourse disclosure.

The transaction is still subject to regulatory approvals and the nod of the company’s shareholders, with the conversion valuation of the MCBs to be determined by an independent financial advisor.

During the same meeting that was held on 17 May, Wafik ben Mansour was appointed as the CEO of the Shuaa Capital.

In November 2023, the UAE-based company named Mansour as its Acting CEO following Fawad Tariq Khan’s resignation from the CEO position.

Regarding financials, the net losses of Shuaa Capital hiked to AED 866.13 million in 2023 from AED 135.20 million as of 31 December 2022.