NBAD investors approve $378m bond sale



National Bank of Abu Dhabi (NBAD) shareholders approved on Sunday plans to sell Dh1.39 billion ($378.4 million) worth of convertible bonds.


The bonds can be exchanged for 55.8 million shares.


The shareholders also approved a 40 per cent cash dividend and 20 per cent bonus shares.


NBAD posted its second-biggest profit ever in the fourth-quarter, beating analysts forecasts, on stock market-related income and said it planned to expand in the Middle East, Africa and Asia. (Reuters)