Abu Dhabi-based investment firm Waha Capital will issue mandatory convertible notes worth Dh500 million by the end of June, the company said in a statement on the Abu Dhabi Securities Exchange (ADX) bourse website this morning.
Waha said the notes “will be mandatorily convertible into shares in the company three years after issue,” and added that the “company will shortly consider other key terms of the issue (including conversion price and coupon rate) and will update ADX and ESCA once these terms are approved by the company’s board.”
Waha also announced its results for the first quarter of 2011, with its net profits declining 11 per cent year-on-year to Dh29.8m compared with Dh33.4m in the same quarter last year.
“Waha Capital’s strategy is inspired by, and compliments, the Abu Dhabi Economic Vision 2030, which seeks to transform the emirate’s economy, in part by expanding the non-oil sector and putting a greater focus on knowledge-based industries,” the company said in its Q1 income statement report.
At the end of the first quarter of 2011, Waha Capital had investment commitments of Dh130m, and capital commitments of Dh349m with respect to Al Markaz, the company’s flagship real estate project.