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)